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Overnight, the main force of Shanghai aluminum opened at 13,730 yuan / ton, short positions increased by nearly 18,000 lots, the main force of Shanghai aluminum downward tested 13,675 yuan / ton, 18,000 hands of the increase only fell 55 yuan / ton, it can be seen that the efficiency of short is extremely low, and then the long and short to temporarily withdraw from the wait-and-see, the main force of Shanghai aluminum stabilized and rose back to 13,740 yuan / ton shock, and closed at 13,745 yuan / ton
。 The price difference between overnight aluminum and the next month narrowed sharply from about 80 yuan / ton to around 20 yuan / ton, and the narrowing of the spread made the Contango structure may change into a Back structure, which increased the pressure of spot hedging, and the market sentiment was pessimistic, which had a more long-term impact than the short term, and was expected to run 13640~13820 yuan / ton
within the day.
Spot transactions gradually improved, demand slowly returned, supporting aluminum prices, but the end of the heating season, alumina plants resumed production one after another, costs may be downward, and the second quarter of electrolytic aluminum plants plan to resume production and increase new production capacity, aluminum prices under pressure
.
In addition, the Sino-US trade war eased, but there is still greater uncertainty, the market is more sensitive to the trade war during the negotiation, and aluminum prices are expected to fluctuate in the short term, so it is recommended that Shanghai aluminum new orders wait and see
.
Suppressed by the external market, Shanghai aluminum night trading slightly stable low open low, because the cost support below is still obvious, Shanghai aluminum current fundamentals show signs of improvement, but high inventory, long and short continue to compete for glue, it is expected that the short term will be in the range of 13500-13800 yuan narrow range.
