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Last night, London copper fell sharply, dragging down the performance of London aluminum night trading continued to be sluggish, and Shanghai aluminum was affected by the recent decline
.
This morning's opening recovered some of the lost ground and recovered to near
the 13,850 yuan line.
Shanghai aluminum showed a strong supporting role in the line of 13,500 yuan, mainly because the recent rise in coal prices led to the rise in the production cost of electrolytic aluminum, and the average cost of the industry was around
13,500 yuan.
The significant reduction in open positions also indicates a strong attitude of bears
exiting the market.
It is expected that before further news on capacity reduction and environmental protection, Shanghai aluminum will fluctuate in the range of 13600-14000 yuan
.
On the macro front, the US benchmark 10-year Treasury note rose 10/32, while its yield fell 3.
6 basis points to 2.
382%, briefly updating the intraday low since February 9 to 2.
379%.
The 30-year Treasury price rose 10/32, while its yield fell 1.
5 basis points to 3.
021%.
Two-year U.
S.
Treasury prices rose by 2/32, while yields fell 3.
2 basis points to 1.
192%.
Liu Yuanchun, executive director of the National Academy of Development and Strategy, recently predicted that China's GDP growth rate this year will be 6.
5%, and the CPI growth rate will be 2.
1%.
The open market of the People's Bank of China will carry out 20 billion yuan of 7-day reverse repurchase operation, 20 billion yuan of 14-day reverse repurchase operation, and 10 billion yuan of 28-day reverse repurchase operation
.
The central bank open market will have 90 billion reverse repos expiring
today.
From the micro indicators of supply and demand, yesterday deteriorated
.
As of Thursday, the inventory of the main aluminum circulation area increased by 51,000 tons, and the total inventory reached 954,000 tons, and the growth rate increased again; yesterday's spot quotations were lowered, and the discount for the front-month and main contracts was also expanded, and the term structure was still contango
.
However, at this point in time, after the continuous decline in aluminum prices, we tend to think or approach the adjustment bottom
.
In terms of spot, the price of aluminum ingots fell by about
180-240 yuan today.
Cargo holders are reluctant to sell, and the morning premium gradually increases
.
Aluminum prices are bargaining, buyers' willingness to indirectly goods early has improved slightly, and the source of goods is absorbed when the premium is low, and the market trading performance is better
.
Foshan A00 aluminum ingot batch sale factory price 13530-13580 yuan per ton
.
In operation, the 14100 mark above Shanghai aluminum forms a strong resistance, short-term oscillation ideas, it is not recommended to chase the short
with new orders.
Shanghai aluminum upper resistance reference around 14100, lower support 13350, overnight positions show that short-term bullish sentiment continues to fade
.
