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On Wednesday, the price of the main 1711 contract of Shanghai aluminum fluctuated higher after the open, and the price rose sharply in the afternoon, breaking through the 17,000 yuan mark to a maximum of 17,145 yuan, after which the price consolidated in a narrow range, and finally closed at 17,055 yuan, up 555 yuan, or 3.
36%.
Index holdings increased by 113,000 lots to 1.
09 million lots, and trading volume shrank to 3.
071 million lots
.
Externally, the LME aluminum March contract opened slightly lower to $2122, then the price fluctuated higher, rising sharply to $2182.
5 in the afternoon, and then maintained high volatility, closing at $2170.
5, up $42, or 1.
97%.
In terms of the market, the trading level of the mainstream trading hours of the spot market is weak, some holders are not less willing to dump goods at low prices, spot and rise are weak, and the term price difference widens to attract a small number of middlemen to take orders, but the downstream mining is sluggish, the transaction is still not improving, and the overall buying situation continues to be weaker than the overall level
last week.
In the afternoon, aluminum prices rose sharply, and holders pulled up premium shipments, but the transaction was more light
.
On the macro front, oil prices closed lower on Tuesday, retreating from near five-month highs as major producers met
on Friday on the prospect of further production cuts.
Iraq, OPEC's second-largest producer, said it discussed multiple options for a production cut deal, including extending the deal beyond March and cutting production further
.
The dollar edged lower against a basket of currencies ahead of the Fed meeting, and analysts expect the Fed to announce in a statement on Wednesday to reduce bond purchases and keep the possibility of
a December rate hike alive.
In terms of news, the leading group of environmental pollution prevention and control in Jiaozuo City issued an important notice, showing that Jiaozuo Wanfang and Chalco Zhongzhou Aluminum entered winter peak production ahead of schedule, and the market expects that other cities to reduce production capacity is also expected to exceed expectations, and the future supply contraction of electrolytic aluminum will continue to boost aluminum prices
.
On the technical side, the main KDJ golden cross and MACD dead cross of Shanghai aluminum, the price broke through the early finishing platform, and it is expected to continue to rise after short-term consolidation, and the overall price is easy to rise and fall
.
