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On Wednesday, the main contract of Shanghai aluminum opened at 14635 yuan / ton in the morning, and the bulls took the initiative to enter the market at the beginning of the session to push up the aluminum price slightly higher than 14700 yuan / ton, but the 20-day line showed strong resistance, the high bears encountered short selling pressure, the bulls' capital offensive momentum was not strong, and Lun aluminum quickly leaked, so some of the Shanghai aluminum side chose to temporarily leave the market and wait and see, aluminum prices gradually fell back to close at 14630 yuan / ton, Shanghai aluminum index holdings significantly reduced by 13648 hands to 746782 lots, it is expected that short-term Shanghai aluminum maintain a volatile market, Continue to pay attention to relevant trade policies and attitude changes
in the United States.
In terms of the external market, Lun aluminum opened at 2354 US dollars / ton in the morning, the center of gravity of London aluminum moved slightly up before the afternoon of the Asian market, the high touched 2370 US dollars / ton, and entered the downward channel in the afternoon, entering the European trading session Lun aluminum amplitude increased, the center of gravity continued to move down to the low level to touch 2325 US dollars / ton, as of 18:23 Lun aluminum reported 2326 US dollars / ton, pay attention to the effectiveness of
the 5/20 daily support below.
In terms of spot, before the afternoon, Shanghai trading concentrated 14530~14540 yuan / ton, the discount for the month was 30~20 yuan / ton, Wuxi transaction concentration was 14530~14540 yuan / ton, Hangzhou transaction concentration was 14560~14580 yuan / ton
.
The market circulation is sufficient, the spot discount has expanded slightly, the middleman is cautious in receiving goods, the downstream enterprises purchase on demand, the receiving strength is general, the overall transaction remains sluggish, and the market transaction in the afternoon is concentrated around 14500 yuan / ton
.
Market News:
1.
In April, domestic electrolytic aluminum production was 2.
951 million tons, a year-on-year decrease of 3.
1%, and a year-on-year decrease of 2.
6%
in the first four months of this year.
It is expected that electrolytic aluminum production in May will continue to decrease
year-on-year.
2.
The United States will impose a 25% tariff on imported steel products and a 10% tariff
on imported aluminum products.
Japanese media said that today, the opposition of various countries to the steel and aluminum import restrictions launched by the Trump administration in March has not stopped
.
The strength of the US dollar index has generally put pressure on non-ferrous metals, but the cost support is stable, and the aluminum price is more resilient, but the overall domestic inventory pressure is still there, and with the full liberalization of aluminum production, oversupply concerns still exist, which puts greater pressure
on the rebound of aluminum prices.
Technically, the main KDJ golden cross and MACD dead cross of Shanghai aluminum, the huge gap above the short-term is difficult to repair, and the price is running around the 10-day moving average to oscillate, and the operation is mainly
wait-and-see.
