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Shanghai aluminum afternoon comment on September 10

 Last Update: 2022-12-12
 Source: Internet
 Author: User

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Boosted by the strong Lun aluminum, the main contract of Shanghai aluminum opened at 14695 yuan / ton on Friday night, the news of some aluminum tax rebates in the market circulated, bulls concentrated on a wave of entry, some bears chose to temporarily leave the market to hedge, aluminum prices were shaken to 14790 / ton, but the 20-day line resistance is strong, Shanghai aluminum then gave up some of its gains, closing at 14735 yuan / ton, it is expected that today's Shanghai aluminum main contract shock running at 14680-14800 yuan / ton, spot sticker 20 yuan / ton to premium 20 yuan / ton, Watch for market feedback
on Trump's new tariffs on goods over the weekend.

Shanghai aluminum

In terms of news, Chinese customs data on September 8 showed that China's exports of unwrought aluminum and aluminum products in August were 517,000 tons, down 03,000 tons from July, and China's cumulative exports of unwrought aluminum and aluminum products from January to August 2018 were 3.
748 million tons, an increase of 15.
2%
year-on-year.

In view of the small probability of Hydro alumina resumption of production during the year, overseas alumina prices remain firm, in addition, domestic environmental protection policies continue to promote support for upstream raw material prices, superimposed on the domestic market for self-owned power policy expectations remain, aluminum prices below is supported, but short-term negative factors from downstream consumption is still weak, aluminum futures prices above pressure, temporarily maintain a shock view
.

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