May 18 aluminum market brief comment

On Monday, the main 2007 contract of Shanghai aluminum opened at 12585 yuan / ton in the morning, and the opening broke free from the shackles of layers of moving averages all the way to the upside, and the afternoon high point within the day was 12830 yuan / ton, refreshing a new high in more than two months, sinking at the end of the day, and the daily close was 12760 yuan / ton, up 200 yuan / ton, up 1.
59%.

Shanghai aluminum ushered in a further rebound, and the center of gravity continued to move upward; With the continuous advancement of the resumption of work and production in China, the continuous decline of aluminum market inventory and the firmness of spot have formed a great benefit to aluminum prices, while the market has good expectations for the upcoming two sessions this week, and aluminum prices are still volatile in the short term; However, under the continuous rebound of aluminum prices, the willingness of downstream aluminum plants to reduce production has faded, and there may be oversupply in the later stage, in addition, under the situation of internal strength and external weakness, the increase in imports has impacted the domestic market, forming a further test for subsequent aluminum prices; Above the main force of Shanghai aluminum, continue to pay attention to the 13000 pressure level
.

The intraday contract rose brightly, 06-07 spread to close from around 250 yuan / ton on the previous day to 315 yuan / ton, the current month contract short position reduction, it is expected that in the short term it is difficult to quickly narrow the near and far monthly price difference to less than 200 yuan / ton, continue to pay attention to the recent contract positions and changes
in the market trading atmosphere.
It is expected that the main force will maintain range volatility and pay attention to the resistance level above the 13,000 yuan / ton mark
.