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On Thursday, the main 1705 contract of Shanghai aluminum continued to soar.
After the morning open, the high broke through the overnight high to 13900 yuan, the price fell back to 13830 yuan during the spot intensive trading session, and the price rose sharply to 13985 yuan in the afternoon, after which the price fell in a narrow range, and the price rose again 1 minute before closing
.
It closed at 13,960 yuan, up 255 yuan, or 1.
86%.
In terms of external disk, Lun aluminum closed slightly again in Zhongyang
.
The opening was $1886, then rushed to $1894.
5 and then under pressure to $1889, after which the price fluctuated in a narrow range, and the price began to rise straight up to $1904 in the afternoon, and the Asian market closed in a narrow range
.
As of the Asian market closing at $1901, up $17, or 0.
9%.
This week's major regional inventories remained at 1.
151 million tons, nearly 30,000 tons higher than on Friday, high inventories made the market continue to be cautious about the future, as the dust of the Fed's interest rate hike settled, there were no hawkish comments that exceeded expectations made the dollar tumble, Shanghai aluminum also took advantage of the trend to rebound above 13,900 yuan, it is expected that Shanghai aluminum still has upward momentum, in the face of the pressure of 14,200 yuan above and the short-term strength of the dollar expectations fell into a volatile trend
again.
In terms of market: Shanghai Nonferrous Metals Trading Center (SME) spot aluminum spot trading in the morning was 13570-13610 yuan / ton, up 160 yuan / ton from Wednesday, while the futures discount continued to expand to c170-c130 yuan / ton
.
The spot aluminum index of the Shanghai Nonferrous Metals Trading Center was at 13587.
45 points, up 160 points
from the previous session.
During the day, the mainstream trading hours of the SME spot market of Shanghai Nonferrous Metals Trading Center picked up as a whole, and the price continued to rise in the morning, and the holders maintained a slight premium shipment, but with the slight decline in futures prices, the mainstream price was reported near the average price of the Yangtze River, and downstream buyers received goods on demand, and the transaction situation was stable
.
In the afternoon, as the futures price rebounded sharply, the holders were reluctant to sell, and the downstream was afraid of heights and cautiously received the goods
.
The premium also rose from flat water in the morning to B80 yuan/ton
in the afternoon.
Overall, the Fed's interest rate hike was in line with market expectations, which led to a decline in the dollar and drove Shanghai aluminum higher
.
However, domestic supply pressure still exists, and the fall of the US dollar this time is mainly caused by the failure of the long bet in the early stage to close the position, and it is expected that the US dollar will recover its decline in the short term, making Shanghai aluminum bullish lack of momentum
.
In the short term, pay attention to the pressure of the upper 40-day moving average of 13900 yuan, if it fails to break through, Shanghai aluminum may fall back to 13600-13900 yuan range shock
.
