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Overnight, the main force of Shanghai aluminum opened at 14615 yuan / ton, after the opening of the short influx, the low touched 14550 yuan / ton after the strong resistance of bulls, the end of the session closed at 14640 yuan / ton, the position decreased by 4628 hands to 238660 lots, and the Shanghai index increased its position by 4634 hands to 666802 lots
.
Today, due to concerns about the escalation of the US trade war, it is expected to run 14550~14700 yuan / ton
within the day.
Spot discount 80~40 yuan / ton
.
In terms of the market, the current domestic aluminum supply and demand side has not further deteriorated in the near future, and the rate of aluminum ingot inventory accumulation has shown signs of peaking and falling, indicating that the supply and demand side is improving
at the margin.
Inventory data released on Thursday continued to decline, which should support
Shanghai aluminum prices in the short term.
However, the price of alumina has weakened in recent days, restricting the momentum
of long.
However, spot prices do not appear to be affected
by this.
Overall, based on the marginal improvement of supply and demand fundamentals, it is still relatively optimistic about the short-term trend of Shanghai aluminum, and it is expected that before the domestic macro indicators have made a significant U-turn, the industrial products are still in the strong shock pattern
.
Shanghai aluminum overnight stop rebound slightly upward, but the impulse momentum is obviously weak, cost support is stable, the total domestic inventory continues to decline, the fundamentals continue to repair, it is expected that Shanghai aluminum will maintain a narrow range today
.
