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Trade Service
On Wednesday, the main force of Shanghai aluminum opened at 12490 yuan / ton, the opening long and short sides closed their positions one after another, but the willingness of the bulls was stronger, the bears from time to time took advantage of the victory to pursue the tentative suppression of aluminum prices, the price below touched 12385 yuan / ton, and then the long and short sides began a game
around 12400 yuan / ton.
In the afternoon, the price retraced to around 12450 yuan / ton, and finally closed at 12420 yuan / ton
.
Lun aluminum opened at 1667 US dollars / ton yesterday, showing a slight sideways market during the day
.
Dragged down by the plunge in U.
S.
oil at night, it fell by about $20 / ton, and finally closed at $1650.
5 / ton
.
On the macro front, oil prices fell sharply by 2% yesterday overnight, and Lun aluminum was clearly dragged down
sharply.
In addition, gold prices suffered heavy losses overnight, with CME gold falling more than 1%
at one point.
Domestically, the onshore yuan closed at 6.
6610 yuan against the US dollar at 23:30 Beijing time, down 203 points
from yesterday's closing price.
The offshore yuan also tumbled 140 points, or 0.
21 percent, against the dollar at 6.
6720.
In terms of the market, the spot trading price of the Yangtze River on August 24 was 12610-12650 yuan / ton, up 50 yuan / ton; Guangdong South Reserve reported 12590-12690 yuan / ton, up 70 yuan / ton; Hua reported 12720-12740 yuan / ton, up 50 yuan / ton; The average domestic spot trading price is between
12610-12650 yuan / ton.
On the day, aluminum rose slightly, the sentiment of holders reluctant to sell, the strength of shipments weakened, middlemen and downstream receiving goods were general, and the transaction was lighter
than yesterday.
In terms of the industry, the price of alumina has risen significantly
in recent days.
Due to the continuous expansion of the production capacity of the electrolytic aluminum plant, and the impact of some alumina production capacity in the early stage, the alumina manufacturer is resolute in selling at a high price, but the current electrolytic aluminum plant does not recognize the price increase, and the current price of alumina transaction is not good
.
In addition, the output of a recycled aluminum alloy manufacturer in Chongqing continued to decline to 3,500 tons in August, down 500 tons
from July.
To sum up, yesterday's Lun Aluminum was dragged down by oil prices and fell sharply.
After the supply and demand of Shanghai aluminum gradually moved towards balance and the fundamental situation gradually stabilized, we observed that its sensitivity to external factors increased
.
In the short term, long and short factors are still intertwined, and Shanghai aluminum may maintain a volatile situation and continue to test the effectiveness
of 30-day moving average support.
Operationally, it is recommended to continue to hold long orders in the early stage with caution, and it is recommended to wait and see
for the time being.
