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Overnight, the main force of Shanghai aluminum opened at 14465 yuan / ton, the bulls at the beginning of the session abnormally increased their positions, the aluminum rose rapidly to climb 14555 yuan / ton, the high encountered short selling pressure, Shanghai aluminum fell back to 14500 yuan / ton shock, no news support, other metals weakened, bulls difficult to support the high position to close the market, aluminum prices slipped to 14430 yuan / ton a line of shock, the low recorded 14410 yuan / ton, closed at 14430 yuan / ton
.
The trading volume decreased by 76804 lots to 79716 lots, and the position decreased by 1986 lots to 311076 lots
.
It has been three days since the release of the news of Xinfa production cut, vigilant against rumors related to the release of illegal production capacity by bulls, today or again up to test 14550 yuan / ton, is expected to run 14350 ~ 14560 yuan / ton
within the day.
Spot discount 180~140 yuan / ton
.
In terms of the market, on the day, the spot price of A00# aluminum was 14160 yuan / ton, down 20 yuan / ton from the previous day, and the discount of 225 yuan / ton compared with the near-month contract, the shipment attitude of the holders is still positive, the downstream enterprises are bearish, the wait-and-see attitude is intensifying, the Shanghai aluminum rose rapidly at the end of the session, the holder adjusted the price with the market, the transaction was slightly active, and the overall transaction was colder
than yesterday.
In terms of news, WBMS data shows that the supply shortage in the global primary aluminum market from January to May further expanded to 735,000 tons
.
Recent macroeconomic data exceeded expectations, triggering an increase in market confidence in consumption, which contributed to the rise in aluminum prices in the context of the policy of cleaning up and rectifying illegal production capacity
.
However, due to the slow production cut, coupled with the current consumption off-season, the market fundamentals have not improved significantly, so the short-term price increase lacks momentum, and it is recommended to maintain the pullback buying idea
.
