September 17 aluminum market brief comment

Shanghai aluminum main 1911 contract opened at 14270 yuan / ton in the morning, 1 hour after the opening, long positions reduced more than 3,000 lots, Shanghai aluminum lost support fell to the lowest level since the beginning of September to 14205 yuan / ton, then bears closed their positions at a low level and left the market, Shanghai aluminum slowly rebounded, but hindered by the daily average of 14260 yuan / ton a line, the end of the session long closed Shanghai aluminum slightly pullback, and finally closed at 14240 yuan / ton, down 40 yuan / ton, down 0.
28%.

The price of South China aluminum ingots in the South China is 14300-14400 yuan, the average price is 14350 yuan, down 90 yuan, the premium of the month is 65 yuan, the base price has fallen sharply, the downstream and traders are rising on the dip, the market is more and less, the trading activity has been significantly improved, the mainstream transaction price is concentrated between 14350-14370 yuan, which is 0~20 yuan
higher than the average price of South China.

Nanchu East China aluminum ingot quotation 14300-14340 yuan, the average price of 14320 yuan, down 80
.
Yangtze River: 14310-14350, 14330 down 60
.
Cargo holders converged on shipments, middlemen entered the inquiry positively, but the price recognition was low, the actual transaction was flat, and the spot transaction price was concentrated in 14320-14340 yuan, which was 0~20 yuan higher than the average price of South Reserve East China
.

Based on the expectation of rising supply pressure in the fourth quarter and the expectation of weak downstream consumption, resulting in the inflow of short funds in the far month contract, the intraday aluminum plate 1910~2001 contract back structure is obvious, and will continue, it is expected that the main shock of Shanghai aluminum in the evening will run around 14200-14300 yuan / ton, continue to test the lower support level
.