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Market review, the main contract of Shanghai aluminum strengthened slightly on Tuesday, and the Shanghai aluminum 1906 contract traded at 13855-13910 yuan / ton within the day, closing at 13910 yuan / ton, up 0.
22%
on the day.
Position volume 211330, +1660; futures basis -100, -45
from the previous session.
In terms of industry, Rio Tinto produced 12.
76 million mt of bauxite in the first quarter, up 1% year-on-year, in addition, the company expects full-year bauxite production of 56-59 million mt in 2019 and 3.
20-3.
4 million mt
for the full year.
In terms of the market, aluminum futures maintained a narrow range of fluctuations
in the afternoon.
The transaction price in Shanghai began to be concentrated between 13820-13840 yuan / ton, and the price of 20-10 yuan / ton was posted for the month, down nearly 20 yuan / ton from the previous day, the transaction price in Wuxi was between 13820-13840 yuan / ton, and the transaction price in Hangzhou was between
13840-13850 yuan / ton.
The intraday market supply is more sufficient, traders are more active, the downstream is still mainly on-demand procurement, and the receipt of goods is flat
.
In terms of stocks, LME aluminum stocks were 1,074,450 tons on April 15, down 7,525 tons from the previous session; As of April 12, 2019, electrolytic aluminum stocks on the Shanghai Futures Exchange were 701,138 tons, down 20,954 tons
from the previous week.
From a seasonal perspective, current inventories remain at a high level
compared to the past five years.
The main 1906 contract of Shanghai aluminum strengthened slightly during the day, and the decline in aluminum inventories supported the short-term strong trend of aluminum prices, but the fundamentals of aluminum are still relatively weak, and its continued upside is doubtful
.
In the spot market, the supply of goods is more sufficient, the trading between traders is more active, the downstream is still mainly on-demand procurement, the receipt of goods is flat, and the overall transaction is average
.
On the technical side, the overall performance of the Shanghai aluminum 1906 contract has been volatile in the near future, and the short-term above 14,000 yuan / ton is the key resistance level
.
Operationally, it is suggested that the Shanghai aluminum 1906 contract can consider relying on 14,000 yuan / ton to choose the short space
.
