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Today's Shanghai aluminum main 1709 contract continued to be weak overnight after the opening, the price once fell to a minimum of 14400 yuan, and then the price rebounded weakly, the end of the narrow range of volatility, closed at 14435 yuan, down 125 yuan, down -0.
86%.
Index holdings decreased by 6,458 lots to 623,000 lots, and trading volume shrank to 275,000 lots
.
Externally, the LME aluminum March contract soared to $1944 this morning, and then the price fluctuated at a high level, once rushing to $1944.
5 in the afternoon, but the price fell sharply before the close, falling to a minimum of $1932, down $3.
5, or -0.
18%.
In terms of the market, today's spot market mainstream trading hours trading has picked up, morning futures prices continue to fall slightly, spot prices performance is sluggish, the monthly discount expanded to more than 150 yuan / ton, middlemen arbitrage into the market to receive goods actively, some downstream also at large discounts to increase procurement, market trading is more active
.
Today's base metal trend is differentiated, but the momentum of the same period of rise has passed, the current domestic primary aluminum market oversupply situation continues, the fundamental pressure is still not negligible, aluminum prices above the difficult to effectively break through, still need to pay attention to the news progress
of supply-side reform.
On the technical side, Shanghai aluminum main KDJ dead cross, MACD golden cross, the price fell below the important support point, short-term aluminum prices face the risk of falling, the lower 20-day moving average or there will be support, tomorrow's quotation or will fall above 14100 yuan / ton
.
