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Today's Shanghai aluminum main contract 1705 under pressure and heavy decline, performance far worse than other base metals, the end of the close fell to 13655 yuan / ton, down 1.
62% on a daily basis, completely giving up Friday's gains, currently barely stable above M60, above the face of M20, that is, 14020 yuan / ton of suppression
.
At the same time, the positive price difference between the Shanghai aluminum 1704 and 1705 contracts fell to 80 yuan / ton, indicating that the willingness of forward contracts to fall has climbed
.
Externally: Asian Lun aluminum fell under pressure, of which 3-month Lun aluminum fell 0.
85% to 1863 US dollars / ton, the performance is weaker than other base metals, the current Lun aluminum initially fell below the lower average support, the risk of decline increased, upward resistance to focus on 1900 US dollars / ton, partly by the pressure of US crude oil futures under heavy pressure
.
On the macro front: The Asian dollar index rebounded and rose further to around 101.
55, with risk aversion climbing
as the Fed's interest rate decision approached.
At the same time, China's January-February economic data were mostly better than expected, with the added value of industries above designated size in January-February +6.
3% year-on-year, better than the expected 6.
2%.
Aluminum industry information, data from the National Bureau of Statistics showed that China's primary aluminum production in January-February was 5.
49 million tons, an increase of 15.
6% year-on-year, compared with a decline of 7.
7% in the same period last year, a year-on-year increase to a new high since January 2013, and primary aluminum production from January to February hit a historical high in the same period
.
The data shows that the supply pressure of the domestic aluminum market is large, and the market is overly speculated on the aluminum market to reduce production capacity, and the actual effect is not good
.
Market: On March 14, Shanghai aluminum trading concentrated 13520-13550 yuan / ton, the discount for the month was 80-70 yuan / ton, Wuxi transaction concentrated 13510-13540 yuan / ton, Hangzhou transaction concentrated 13580-13600 yuan / ton
.
Near delivery, the spot price remains around 80 yuan / ton, aluminum is downward, the willingness of holders to exchange cash is strong, the market circulation of goods increases, after the month change, the probability of the current price difference is larger, the middleman waits and sees the market before delivery, the aluminum dives, the downstream enterprises wait and see the mood breeds, the willingness to purchase slightly falls, and the overall transaction falls compared with yesterday
.
The Shanghai aluminum 1705 contract fell under pressure to 13,655 yuan / ton during the day, and its performance was much weaker than other base metals, because of its strong energy attributes, and U.
S
.
crude oil futures fell heavily.
In operation, the short-term Shanghai aluminum 1705 contract can hold the idea of range oscillation, and it is recommended to sell high and low in the range of 13550-13800 yuan, and the stop loss is 100 yuan / ton
each.
