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On Thursday, the main 1707 contract of Shanghai aluminum continued to fluctuate overnight, after which the price left the shock area, and accelerated before the midday close, up to 13800 yuan, the afternoon price shock fell back, rebounded slightly before the close, but the strength was weaker than in the morning, closing at 13785 yuan, up 90 yuan, or 0.
66%.
In the external market, the LME aluminum March contract opened at $1903.
5, then edged higher to $1909, then the price fell, and after a narrow range of shocks, it rose again to $1911, and after a narrow range in the afternoon, it rose again, and rose to a maximum of $1917 in the Asian market, up $13, or 0.
68%.
In terms of the market, the mainstream trading hours of the spot market are generally traded, the selling sentiment of the holders in the morning continues, and the quotation continues to maintain premium shipments, and the subsequent aluminum rises, the holders begin to actively ship, and the premium price also increases, but the downstream consumption power is limited, mainly based on trader procurement, and the market trading situation is acceptable
.
In terms of news, China's May import and export data growth rate is higher than market expectations, base metals supported by the market higher, however, oversupply concerns inhibit aluminum price rebound space, from January to May this year, domestic electrolytic aluminum production accumulated 15.
0731 million tons, an increase of 16.
95% year-on-year, spot aluminum prices upward pressure is greater
.
On the technical side, the main KDJ of Shanghai aluminum will be the golden cross, MACD will be the golden cross, the price short-term lower support is strong, but the pressure at 13900 yuan above is greater, and the rebound may end
soon.
It is expected that the current price spread will continue to narrow, and the quotation may fall to around
13500 yuan / ton.
