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On Thursday, the main force of Shanghai aluminum opened at 13,700 yuan / ton, running below the 5-day moving average during the day, although some bears took profits during the session, the price rose slightly, but the downward trend of Shanghai aluminum overall increase in positions did not change, in the afternoon, SMM announced that this week's domestic mainstream consumption of aluminum ingot inventory of 1.
205 million tons, only a slight decrease of 02,000 tons compared with last week, to inventory is not as expected, spot pressure is still large, the next month spot discount 100-120 yuan / ton, lack of technical support, upper moving average downward arrangement, The main force of Shanghai aluminum closed at 13,555 yuan / ton, down 165 yuan / ton, down 1.
2%.
In terms of external trading, Lun aluminum opened at 1880 US dollars / ton during the Asian session, and the narrow range fluctuated above 1880 US dollars / ton during the day, and the center of gravity gradually fell in the afternoon, and the low touched 1875.
5 US dollars / ton
.
The Fed's interest rate hike on base metals is relatively differentiated, the trend of London aluminum is weak, the current technical support below London aluminum is around 1860 US dollars / ton, if the technical support breaks, the downward channel of London aluminum or will form
.
In terms of the market, the futures aluminum fluctuated before noon of the month 13340-13390 yuan / ton, Shanghai spot trading 13360-13380 yuan / ton, the current month discount 30 yuan / ton to flat water, Wuxi spot trading concentrated 13360-13380 yuan / ton, Hangzhou spot trading concentrated 13360-13380 yuan / ton, period aluminum fell sharply, some holders chose to sell wait-and-see, market circulation source is limited, at the same time, some downstream and middlemen choose to bargain into the market procurement, Overall market transaction activity picked up
.
Fundamentally, the suppression of overseas aluminum prices by China's aluminum exports will be further transmitted, and Japan's spot premium will narrow or just begin, although investment banks are still optimistic about China's production reduction to support future aluminum prices, but the long implementation cycle will continue to test the patience of long funds
.
Shanghai aluminum performance was worse than aluminum in early trading, the Fed's hawkish interest rate hike, coupled with high electrolytic aluminum production in May, attracted bears to enter the market and temporarily gained some support
in the lower Bollinger band.
However, the market bearish sentiment is strong, technical indicators hovering at a low level has not improved, short-term Shanghai aluminum or continue the weak market, pay attention to whether the support of the lower Bollinger band can continue, and whether the bulls will give a tough response
as before after electrolytic aluminum is close to the production cost area.
