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Today's Shanghai aluminum 1704 contract opened high and stabilized, closing at 14145 yuan / ton at the end of the day, up 115 yuan / ton, or 0.
82%, from yesterday's settlement price, with a position of 243264 lots, a decrease of 4034 lots, and a volume of 248184 lots
.
In terms of futures structure, the aluminum market maintained a positive arrangement of near low and far high, and the price difference between Shanghai aluminum 1703 and 1704 contracts widened to 115 yuan / ton, indicating that the willingness of forward contracts to rise is stronger
.
In terms of external trading: Asian market Lun aluminum volatility lower, the trend is contrary to Shanghai aluminum, the lowest fell to 1936 US dollars / ton, now trading at 1939 US dollars / ton
.
On February 28, Lun Aluminum held 708,000 lots, with a daily increase of 14,001 lots, and the sharp increase in positions rose to a new stage high, indicating that the long opening was active and the bulls dominated
.
Macro: The Asian dollar index fluctuated higher, rising as high as 101.
93, continuing its recent strong momentum
.
In addition, China's Caixin manufacturing PMI came in February at 51.
7, the second highest growth rate in four years, and the official manufacturing PMI came in at 51.
7%, higher than expected; The US ISM manufacturing index in February was 57.
7, the highest since August 2014 and better than expected at 56.
2
.
Aluminum industry information, Chinalco plans to cooperate with Iran's IMIDRO Mining Company to jointly invest in Iran's alumina project; Chinalco will provide technical support
for the 800,000-ton alumina project to be jointly invested.
Market: On March 2, the center of gravity of aluminum fell back to the 14,000 yuan / ton mark
.
Shanghai transaction concentration is 13800-13810 yuan / ton, the discount for the month is 220-200 yuan / ton, Wuxi transaction concentration is 13790-13800 yuan / ton, Hangzhou transaction concentration is 13820-13840 yuan / ton
.
Aluminum fell back after insufficient action, yesterday's receiving holders are willing to exchange cash, middlemen have sufficient inventory, receiving goods and stopping, waiting and waiting for the market, downstream enterprises purchase on demand, and the overall transaction shows that the supply exceeds demand
.
Intraday Shanghai aluminum 1704 contract oscillation sorting, some to reduce overnight gains, recently proposed by the Ministry of Environmental Protection Beijing-Tianjin-Hebei region environmental protection production reduction plan has a certain impact on the aluminum manufacturing industry, directly led to the recovery of aluminum prices, the overall short pattern remains unchanged
.
Operationally, it is recommended to pull back to buy, long reference 14120 yuan / ton, target 14370 yuan / ton, stop loss 14040 yuan / ton
.
