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Today's Shanghai aluminum 1704 contract fell unilaterally after the open, and the midday decline further expanded, closing at 13955 yuan / ton at the end, down 310 yuan / ton from yesterday's settlement price, a daily decline of 2.
17%, the position was 306374 lots, a decrease of 7706 lots, and the trading volume was 342076
.
In terms of futures structure, the aluminum market maintained a positive arrangement of near-low, far-high, and the spread between Shanghai aluminum 1703 and 1704 contracts widened to 95 yuan / ton, indicating that the willingness of forward contracts to resist decline has strengthened
.
Externally: Asian aluminum fluctuated lower, similar to the trend of Shanghai aluminum, the lowest fell to 1870 US dollars / ton, and is now trading at 1873.
5 US dollars / ton
.
On February 20, Lun Aluminum held 68.
9 lots and reduced its position by 4833 lots, and the amplification of the decline showed that the bears dominated, and some bulls accounted for the stop loss to leave the market
.
Macro: The Asian dollar index bottomed out, falling as low as 101.
25 and now trading at 101.
44
.
In addition, the preliminary value of the Eurozone composite PMI rose to 56, a new high in nearly 6 years; The preliminary PMI of the service industry rose to 55.
6, a 70-month high; the manufacturing PMI hit a 70-month high; domestically, the price of newly built commercial housing in first- and second-tier cities basically stopped rising
month-on-month in January.
As of the end of January, aluminum inventories at Japan's three major ports were 273,100 tons, down slightly from the previous month and down 25.
8 percent
year-on-year.
In terms of market: Shanghai trading concentration 13760-13780 yuan / ton, the current month discount 210-200 yuan / ton, due to the rapid decline of aluminum in the future, spot discount has narrowed, Wuxi transaction concentration 13750-13770 yuan / ton, Hangzhou transaction concentration 13770-13790 yuan / ton
.
Holders are actively shipping at high prices, high aluminum ingot inventory, spot discounts become the norm in the short term, market demand is dominated by the production demand of downstream enterprises, while downstream orders have not yet reached the peak season, demand needs to be improved, and the overall transaction is still in a
tug-of-war.
The Shanghai aluminum 1704 contract fell unilaterally throughout the day, weaker than other base metal varieties
.
On the technical side, today's long black candlestick will hit the futures price to the 20-day moving average above the 13900 point nearby, and further down there is still 13700 point cost support, Shanghai aluminum market continues to break down little space
.
In operation, it is recommended that the Shanghai aluminum 1704 contract be bought back, with a long reference of 13900 yuan / ton, a target reference of 14400 yuan / ton, and a stop loss reference of 13750 yuan / ton
.
