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On Wednesday, the main force of Shanghai aluminum continued the overnight shock market before the afternoon, continuously running around the 5-day and 10-day moving averages, the high touched 13770 yuan / ton, the afternoon was suppressed by some short funds entering the market, the average support was not there, the low of the day touched 13665 yuan / ton, and the end closed at 13680 yuan / ton, down 60 yuan / ton, down 0.
44%.
。 At present, there is no technical support below the main force of Shanghai aluminum, the low point of the week has fallen below the low level since February, the pressure of spot inventory on the fundamental surface is expected to continue to be transmitted to the futures market, on the policy side, the short-term effect on supply inhibition is limited, and the new and resumed production capacity continues, which will bring new supply pressure
.
In terms of external trading, during the Asian trading session, Lun aluminum opened at 1891 US dollars / ton, blocked above the 5-day moving average, aluminum prices under pressure downward, as of 17 o'clock, Lun aluminum low fell to 1885 US dollars / ton, continuing the downward trend
since the end of last month.
Overall, the impact of aluminum exports in China, the decline in overseas premiums, and the rebound of aluminum ingot inventories in Japan and other places, the original part of the capital outflow of Duolun aluminum, resulting in a decline in aluminum prices, and as the ratio of Shanghai aluminum remains low, China's exports will not shrink immediately, and the overseas supply will further increase, and Lun aluminum will also be under pressure
in the medium term.
In terms of the market, the narrow range of aluminum finishing 13580-13600 yuan / ton before the afternoon of the month, in the spot market, the mainstream transaction in Shanghai is 13540-13560 yuan / ton, the discount is 50-40 yuan / ton, Wuxi transaction is 13540-13550 yuan / ton, Hangzhou transaction is 13550-13570 yuan / ton, the holder ships at a high price, but the supply is still abundant, the middleman buys and sells the period, aggravating the market transaction, the downstream stock increment is limited, and it is still mainly on demand.
The overall market situation has warmed
up slightly compared with yesterday.
In terms of news, the Fed interest rate meeting has begun, and the market is concerned about whether it will be a hawkish interest rate
hike this time.
However, data released by the National Bureau of Statistics showed that electrolytic aluminum production hit the second highest level in May in history, which was in line with previous expectations, or formed a certain pressure on
Shanghai aluminum.
