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On Wednesday, the 1805 contract of the main contract of Shanghai aluminum bottomed out, trading at 14440-14280 yuan / ton during the day, and closing at 14415 yuan / ton at the end of the day, up 0.
31% on the day, performing better than other base metals, highlighting the weakening of the internal downward momentum of aluminum prices
.
Shanghai aluminum continued the positive arrangement of near low and far high, of which the positive price difference between Shanghai aluminum 1804 contract and 1805 contract remained at 90 yuan / ton
.
In terms of the external market, the Asian Lun aluminum oscillation retreated, showing that the upper selling pressure is heavier, of which the 3-month Lun aluminum traded at 2153-2143 US dollars / ton, now closed at 2142 US dollars / ton, down 0.
23% per day, currently running below the main moving average group, showing that the upper selling pressure is heavier, and the lower support is concerned about 2100 US dollars / ton
.
On the macro front, the Asian dollar index fluctuated in a narrow range around 90.
3, basically maintaining an overnight gain of 0.
61%, as Powell's congressional testimony debut was hawkish, spurring the dollar index to strengthen
.
Meanwhile, China's official manufacturing PMI came in at 50.
3 in February, below the previous reading of 51.
3 and expectations of 51.
1, indicating a marked slowdown
in the pace of manufacturing expansion.
In terms of the industry, it is reported that the supply agreement between RUSAL and Glenone aluminum will be renewed in 2019, but the supply may decrease, because the demand for Rusal's high value-added products increases, unless Glencore can obtain additional aluminum supply, it means that Glencore's dominant low level in the global aluminum market will change
.
In terms of the market, on February 28, Shanghai aluminum trading concentrated 14040-14060 yuan / ton, the discount for the month was 160-140 yuan / ton, Wuxi transaction concentrated 14040-14060 yuan / ton, Hangzhou transaction concentrated 14030-14060 yuan / ton
.
As the spot discount narrows to around 150 yuan / ton, the market circulation of goods has increased slightly, the receipt behavior of some large households has continued, downstream enterprises have basically started work, the focus of the overall transaction is still among traders, and the transaction activity shows a downward trend
.
SMM expects spot circulation to increase
as spot discounts further narrow and space is limited.
During the day, Shanghai aluminum 1805 oscillated to 14415 yuan / ton
.
After the short-term aluminum price continued to fall, it faced the demand for over-fall rebound, but as domestic inventories continued to reach new highs, supply pressure increased, and the height of aluminum price rebound was limited, it is recommended that the Shanghai aluminum 1804 contract can be sold high and low in the range of 14350-14600 yuan, with a stop loss of 100 yuan / ton
each.
