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Today's Shanghai aluminum 1704 contract strongly led the rise in non-ferrous metals, closing at 14415 yuan / ton at the end of the day, up 410 yuan / ton from yesterday's settlement price, a daily increase of 2.
93%, a position increase of 51093 lots, and a volume of 426604 lots
.
In terms of futures structure, the aluminum market maintained a positive arrangement of near low and far high, and the regular price of Shanghai aluminum 1703 and 1704 contracts was amplified by 90 yuan / ton, indicating that the willingness of forward contracts to rise has risen
.
Externally: Ashilun aluminum rose unilaterally, breaking through the previous high of 1883 US dollars / ton
.
The 3-month Lun aluminum rose as high as $1895/ton
.
The latest announcement on February 10 Lun aluminum position 701,000 lots, reduced position by 5,651 lots, the reduction of positions pullback indicates that some bulls took profits and left the market, but the short-term trend remained unchanged
.
Macro: U.
S.
stocks closed to record highs for the third consecutive session today on Trump's tax reform promises, but the Asian dollar index fell under pressure and is now trading around
100.
8.
In addition, data from the National Bureau of Statistics showed that the total level of consumer prices (CPI) in the country rose 2.
5% year-on-year in January, higher than the expected 2.
4% and 2.
1%
in the previous month.
The January PPI was 6.
9% y/y versus 6.
5% expected and 5.
5% prior, indicating an increase
in domestic inflation.
Aluminum industry information, the North American Aluminum Association released data later on Thursday, showing that the new orders index of aluminum smelters in January increased by 6.
4%
year-on-year.
The trade group said new orders were up 12.
5 percent
from December 2016.
Market: On February 14, the Shanghai transaction concentration was 13780-13810 yuan / ton, the discount for the month was 180-170 yuan / ton, the Wuxi transaction concentration was 13780-13810 yuan / ton, and the Hangzhou transaction concentration was 13770-13790 yuan / ton
。 Smelters stabilize a large number of shipments, spot to the next month discount of 300 yuan / ton around, traders on the future futures spot price difference divergence, believing that because of the excess supply of spot after the month after the price difference will not narrow traders actively bargain for high shipments, traders who believe that the futures spot price difference still has room to operate actively buy and sell the period, downstream enterprises are afraid of heights and wait and see emotions breed, the overall transaction is concentrated on traders' speculation
.
After passively following the rise yesterday, the Shanghai aluminum 1704 contract released momentum today to lead non-ferrous metals up
.
On the technical side, the aluminum period broke through the previous high of 14330 yuan / ton pressure level, and the upside of the future market is expected to be further opened; Both the position volume and the MACD red energy bar show an image magnification
.
In operation, it is recommended that the Shanghai aluminum 1704 contract maintain a short-long pattern, with a long reference of 14,300 yuan / ton and a stop loss of 14,100 yuan / ton
.
