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Overnight, the main force of Shanghai aluminum jumped 14425 yuan / ton, jumped mainly from the news that Shandong is expected to reduce production by 2 million tons in the market fermentation, but after the high open, dragged down by the sharp fall of commodities, the main force of Shanghai aluminum fell to test the low of 14340 yuan / ton, after the commodity stopped falling, the market continued to ferment production reduction news, bulls increased their positions sharply, the main center of gravity of Shanghai aluminum rose sharply, the high recorded 14535 yuan / ton, and then the bulls showed caution and took profits, and Shanghai aluminum fell back to close at 14430 yuan / ton
。 The main force of Shanghai aluminum recorded a near-doji shape, showing the rapid vent of the expected production reduction news in the market, and it is expected to fluctuate at a high level within the day, and the next target is to stand at the 14500 yuan / ton mark, and it is expected to run 14350 ~ 14550 yuan / ton
within the day.
In terms of the market, on the same day, the spot price of A00# aluminum was 14040 yuan / ton, up 70 yuan / ton from the previous day, and the discount of 115 yuan / ton compared with the near-month contract, the holders waited and watched, the quotation was cautious, forming a phenomenon of reluctance to sell, but with the sharp rise of Shanghai aluminum, the holders were actively shipping at high prices, the spot discount narrowed, the activity of middlemen weakened, and downstream enterprises were afraid of heights only according to just needed procurement, and the overall transaction turned cold
.
In terms of news, customs data show that unwrought aluminum and aluminum exports in June were 460,000 tons, unchanged from May, and the cumulative export in the first half of the year was 2.
41 million tons, a cumulative increase of 5.
9% year-on-year, reflecting that exports were not affected
by US sanctions.
Although news of production cuts is frequent, the actual intensity and progress of production cuts are still limited as of now, while consumption is weak and inventories continue to climb
.
Shandong will have a considerable production cut, but the progress of the production cut and the strength to improve the fundamentals still need to be seen
.
Operationally, it is recommended to buy mainly in the short term
.
