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Today's Shanghai aluminum main 1702 contract after the morning opening price rushed to the intraday high of 12720 yuan, the price fell under pressure to around 12600 yuan, the price then fluctuated in the range of 12600-12640 yuan, the price fell further after the afternoon open, to the lowest 12530 yuan, before the close of a slight rebound approaching red
.
At the close, the price closed at $12,570, down 5 yuan, or -0.
04%.
In terms of external trading, the LmeS aluminum 3-month contract opened slightly higher at $1691 in the morning, and after the narrow range of volatility, the price rose sharply to $1699 in the afternoon, and the price hit the intraday high again to $1700.
5 in the afternoon, and the price fell under pressure before the close
.
By the end of the Asian session, the price closed at $1695.
5, up $7.
5, or 0.
44%.
Macro aspect: the recent weakness of the US dollar, although driving the surrounding metals to rebound, the trend of Shanghai aluminum shows independent weak characteristics, Shanghai aluminum today rebound weak after diving, still in the cost line low range shock operation, the current market for long aluminum confidence is insufficient, worried about aluminum oversupply mentality flooded the market, it is estimated that short-term Shanghai aluminum continue to low range shock adjustment
.
Market: Today's Shanghai Nonferrous Metals Trading Center spot aluminum quotation in the morning was 12660-12700 yuan / ton, up 20 yuan / ton, the premium is B20-B60, with the rise of social inventory, the premium continues to narrow
.
The spot aluminum index of the Shanghai Nonferrous Metals Trading Center was at 12677.
45 points, up 20 points
from yesterday.
Holders are more enthusiastic about high-level shipments today, but the willingness to purchase downstream is insufficient, and the transaction is dominated
by traders.
At present, the market is in sufficient supply, buyers purchase on demand, but are not in a hurry to receive goods, and market transactions continue to perform averagely
.
After a sharp rally in 2016, there were signs of an oscillatory correction in the first half of 2017, but overall room for a pullback was limited
.
If the increase in global aluminum inventory is limited in the later period, aluminum prices still have room to
recover.
It is expected that the annual fluctuation will be between 11,000-17,000 yuan / ton, and the overall trading focus will move
upward.
