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On Thursday, Shanghai aluminum opened at 14470 yuan / ton in the morning, after the opening of the short into the aluminum price shock downward, piercing the 10-day moving average low touched 14400 yuan / ton, before the afternoon Shanghai aluminum short cover, aluminum prices rebounded slightly, the afternoon early touch 14460 yuan / ton, but the role of the 10-day moving average has turned from support to resistance, Shanghai aluminum is difficult to form an effective breakthrough, the overall trend in the afternoon is weak shock, closing at 14435 yuan / ton
。 Now that the supply-side reform work has come to an end, the "divergence" of fundamentals and prices has gradually returned to the public's vision, so the trend of aluminum prices is obviously weaker than that of surrounding varieties, and the short-term target or downward test of 20-day line support, but because the policy is still underpinning, it is expected that the depth of the pullback is limited
.
In terms of the external market, in the morning, Lun aluminum opened at 1936 US dollars / ton, the aluminum price moved slightly up at the beginning of the session, and then entrenched in the daily average of 1941.
5 US dollars / ton at a narrow range, the afternoon end of the day Lun aluminum quickly down to touch 1932 US dollars / ton, into the European trading session, Lun aluminum low back to the daily average above, as of 17:07 Lun aluminum reported 1947.
5 US dollars / ton, it seems that Lun aluminum is still strong compared to Shanghai aluminum, it is expected that Lun aluminum will continue to fluctuate
in a high and wide range.
In terms of the market, aluminum fell all the way before noon that month
.
Shanghai transaction concentration is 14190-14200 yuan / ton, the discount for the month is 150-140 yuan / ton, Wuxi transaction concentration is 14180-14200 yuan / ton, Hangzhou transaction concentration is 14210-14230 yuan / ton
.
Holders of stable shipments, middlemen believe that the spot price is low, the spot discount is appropriate, the willingness to replenish inventory has increased, the willingness of downstream enterprises to receive goods has also increased, and the overall transaction has warmed up compared with yesterday, which generally means that the price is supported
.
In the late afternoon, aluminum fluctuated at the low level of the month, and East China traded 14180-14190 yuan / ton
.
In terms of news, there is less news about the recent market supply-side reform, the positive factors are slowly weakening, the aluminum market is still weak in terms of fundamentals, the social inventory is high, the short-term pressure of the aluminum market is prominent, and the dollar index fell slightly overnight, but it is still weak
.
For the recent rally, aluminum manufacturers are mostly cautious in the case of weak orders and wait and see market changes
.
