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On Wednesday, the Shanghai aluminum main monthly 1805 contract opened at 13910 yuan, the intraday high was 13985 yuan, the low was 13860 yuan, and the end closed at 13960, up 20 yuan / ton
from the previous trading day.
Domestic industry and investment performance far exceeded expectations, the commodity market was boosted, Shanghai aluminum rose slightly during the day, but lack of substantial positive news support, it is expected that the market upside is limited
.
Abroad, the recent announcement of steel and aluminum tariffs by the United States has triggered global trade war concerns, aluminum prices are under pressure and the trend is weak, intraday aluminum fell slightly, and the support below is concerned about $
2,000.
At 15:52 Beijing time, the LME 3-month aluminum was $2,100.
5, down $2.
50 from the previous session
.
In the market, the spot trading price of Yangtze River was 13710-13750 yuan / ton, up 10 yuan / ton; Guangdong South Reserve reported 13710-13810 yuan / ton, up 20 yuan / ton; Hua reported 13810-13830 yuan / ton, up 10 yuan / ton; The average domestic spot trading price is between
13710-13750 yuan / ton.
Aluminum rose slightly during the day, holders maintained a positive attitude towards shipments, downstream enterprises were willing to receive goods, and the market transaction was active
.
On the macro front, the latest economic data from Europe and the United States fell short of expectations, especially the US retail sales and core PPI data for February, which caused market concerns
.
However, benefiting from China's bright economy, especially the urban fixed asset investment in January and February was 7.
90% year-on-year, better than the expected 7.
00%, private fixed asset investment rose slightly, and investment growth promoted nonferrous demand to a certain extent
.
In the United States, the departure of the secretary of state may be replaced by a more tough candidate on China, and disputes over trade and other aspects may increase
.
In terms of industries, automobile production and sales in February 2018 fell sharply year-on-year, considering the Spring Festival factors, and the impact on nonferrous metals was limited
.
The 15th is the end day of winter environmental protection production restrictions, the current resumption of production capacity is limited, need to pay close attention to policy changes and resumption of production capacity, Guinea violent demonstrations, affecting bauxite shipments, Shanghai aluminum continued to decline obstructed
.
Overall, the end of winter production restrictions is near, and the overall supply of the market to the future market is expected to continue to increase, while huge social inventory has become an important factor restricting the recovery of
aluminum prices.
At present, the market trading has warmed up, and the current price has been supported by costs, it is necessary to continue to observe downstream changes and inventory changes, maintain a weak shock market in the short term, and it is recommended to maintain a wait-and-see
operation.
