echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Shanghai aluminum action can gradually deplete short-term or adjust

    Shanghai aluminum action can gradually deplete short-term or adjust

    • Last Update: 2022-12-01
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Tuesday, the main monthly 1606 contract of Shanghai aluminum fluctuated, with an intraday high of 12,955 yuan, a low of 12,740 yuan, and a late close of 12,790, down 110 yuan / ton
    from the previous trading day.
    The frozen production agreement fell short, crude oil oversupply concerns continue to expand, weighing on oil prices, metal rebound is suppressed, aluminum prices are expected to rise in the near future, it is recommended that investors can maintain a wait-and-see attitude
    .

    Shanghai aluminum

    On the macro front, the central bank invested a net 150 billion yuan in the open market on Monday, the central bank's continuous release of water still did not "quench thirst", interbank interest rates rose across the board, and the bond market was tight
    .
    At the same time, in order to maintain reasonable and sufficient liquidity in the banking system yesterday, the People's Bank of China carried out MLF operations on 18 financial institutions totaling 267 billion yuan, with minor adjustments
    .
    U.
    S.
    new home sales fell 1.
    5% month-on-month in March, less than expected
    .
    Germany's IFO business climate index for April fell short of expectations
    of 106.
    6.

    In terms of the market, the spot trading price of Yangtze River was 12830-12870 yuan / ton, up 130 yuan / ton; Guangdong South Reserve reported 12820-12920 yuan / ton, up 120 yuan / ton; Hua reported 12940-12960 yuan / ton, up 130 yuan / ton; The average domestic spot trading price is between
    12830-12870 yuan / ton.
    Aluminum continued to rise during the day, and holders sold aggressively, but the downstream wait-and-see mood gradually increased, and the overall transaction was cold
    .

    At present, the main rally of Shanghai aluminum is blocked, the short-term fundamental favorable is gradually digested, the spot market cautious sentiment is difficult to disperse, for the Wan San pass to maintain a wait-and-see attitude, the early upward action can be gradually exhausted, it is expected to be adjusted in the short term, but the possibility of continuing to rush up is still large
    .

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.