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On Tuesday, the main 1707 contract of Shanghai aluminum opened slightly higher to 13710 yuan, then fell under pressure, and rebounded slightly to a maximum of 13740 yuan before the noon close, and the price fell sharply at the end of the day, closing at 13675 yuan, down 90 yuan, or -0.
65%.
In the external market, the LME aluminum March contract opened at $1904, then edged lower at $1902.
5 and then fluctuated in a narrow range, and then rose in a stepped manner, the highest rose to $1910.
5, after which the price fluctuated, and the price plunged straight to the lowest $1898 at the end of the Asian market
.
As of the Asian market close, it closed at $1898, down $5, or -0.
26%.
In terms of the market, the mainstream trading hours of the spot market are generally traded, the market performance is relatively flat, the attitude of the holders in the morning premium has become soft, and the dense trading period is mainly based on discounted shipments, but the reduction of orders from downstream aluminum plants affects the impact of demand, and the trading situation is not ideal
.
In the afternoon, aluminum prices continued to fall, which made the market enthusiasm for receiving goods rebounded, traders began to stock up to rise, and transactions picked up
.
In terms of news, at present, due to the previously released PMI data to deepen the market's concerns about Chinese demand, coupled with weak iron ore and oil prices, the fundamentals of the weak non-ferrous metal sector continued to weaken driven by copper and zinc, and Shanghai aluminum inventories increased by more than 5% last week, indicating that market demand is not good, and oversupply makes aluminum prices weak
.
Pay attention to the later import and export trade and inflation data to further weigh China's current economic development situation
.
In the short term, after the sharp decline in aluminum market holdings last week, there is no favorable stimulus, and the narrow range shock situation is more likely to continue
.
On the technical side, the main KDJ dead fork of Shanghai aluminum and MACD dead fork face short-term support
at 13,500 yuan.
It is expected that the current price spread will continue to narrow, and the quotation may fall to around
13500 yuan / ton.
