March 10 aluminum market morning review

Overnight, Lun aluminum once plunged to a new low before quickly rebounding to close the small white candle, closing at $
1689.
Shanghai aluminum opened low yesterday and closed below 13,000, and it is expected that it may open higher and return to above
13,000 within the day.
There is some support around 13000 below the short-term Shanghai aluminum, but the demand side is poor, the upward space of aluminum prices is insufficient, the rebound space is limited, and the pressure around 13500 above is strong, which may continue the weak shock, and it is not suitable to bottom
for the time being.
The upper pressure of Shanghai aluminum is 13200, and the lower support is 12500
.

The spread of global panic caused the outer metal to plunge, and the three-month aluminum price on the London Stock Exchange fell to a low of more than three years at $1644/ton, before rebounding and finally closing at $1689/ton, up 0.
21%
on the day.

The performance of the domestic morning spot market is silent, buyers and sellers are generally waiting, and downstream purchases
are on demand.
The mainstream trading price in Shanghai is around 12820 yuan / ton, which is about 20 percent lower than the futures
.
The mainstream transaction price in Guangdong is around 12820 yuan / ton
.
The domestic epidemic has been effectively controlled, the start of aluminum processing plants continues to rise, consumption tends to pick up, and the current aluminum price has fallen below the average cost, and it is expected that there is limited
room for further decline.
The spread of the new crown epidemic outside China, coupled with the collapse of crude oil prices, has triggered market panic, dominating the current trend of metal prices
.
Pay attention to the development of overseas epidemics and fluctuations
in crude oil prices.
Operationally, it is recommended to wait and see for
the time being.