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On Wednesday, the main 1912 contract of Shanghai aluminum opened at 13805 yuan / ton
in the morning.
Before noon, long and short positions increased each other, the game intensified, and Shanghai aluminum maintained a narrow range of oscillations
.
Previously, the bears entered, and the low of Shanghai aluminum touched 13790 yuan / ton, and the long entry Shanghai aluminum rebounded slightly to touch 13820 yuan / ton
.
In the afternoon, Shanghai aluminum continued to maintain a narrow range of oscillation, some short profits hedging the market, and closed at 13805 yuan / ton at the end of the day, showing a doji.
It is expected that it will be difficult for Shanghai aluminum to rebound significantly before delivery, and it is still necessary to pay attention to inventory changes to verify the sustainability of weakening consumption
.
In terms of external disk, Lun aluminum opened at 1778 US dollars / ton
in the morning.
During the Asian session, Lun Aluminum tried to repair the weekly decline, quickly pulled up above the 5-day moving average, and touched a high of $1783.
5 / ton
.
In the afternoon, Lun aluminum quickly leaked, and as of 15:00, Lun aluminum was reported at 1772.
5 US dollars / ton
.
During the European session, Lun aluminum continued to be weak, touching $1766 / ton
at a low level.
As of 18:06, Lun aluminum was reported at $1768 / ton
.
In the afternoon, the US dollar soared, and the nonferrous metal was under collective pressure again, coupled with the continuous increase of 3775 tons of Lun aluminum inventory, it is expected that Lun aluminum will remain weak and volatile
.
In terms of the market, aluminum fluctuated up before noon that month
.
The spot quotation in Shanghai and Wuxi markets is between 13900-13910 yuan / ton, basically the same as the previous day's price, the discount for the current month continues to expand to 200-180 yuan / ton, the next month premium around 100 yuan / ton, Hangzhou spot price between 13910-13930 yuan / ton
.
The goods of the holders are acceptable, and the middlemen are more active in receiving goods at low prices, but due to the lack of participation of large customers, the actual transaction status is not as good as the previous day
.
As the spot discount expanded compared with yesterday, the absolute price of aluminum ingots remained at a relatively low level, the enthusiasm of downstream receiving goods rebounded significantly compared with the previous period, and the purchase volume was significantly more than last week
.
Aluminum maintained range volatility in late afternoon, aluminum maintained range volatility in late afternoon, and the shipment quotation of holders was around 13900 yuan / ton, and the next month premium was around 90 yuan / ton, the trading atmosphere was light, and only a small number of transactions were made between traders
.
Aluminum will maintain a weak operation pattern in the near future, on the one hand, affected by macro sentiment, the impact of the substantial benefits of Sino-US trade frictions has been digested by the market, recent inflation, unsatisfactory financial data have suppressed market sentiment, on the other hand, aluminum ingots turned into accumulation of inventory on aluminum prices also put pressure on aluminum prices, the rhythm of destocking in the context of the off-season will gradually end
.
From a fundamental point of view, the current increase in the supply side of electrolytic aluminum is obvious, which has suppressed the price of electrolytic aluminum, and the aluminum market has gradually entered the off-season, weak consumption may have a negative impact on aluminum prices, and weak shocks before the end of the
year.
