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Today's Shanghai aluminum 1704 contract maintained high volatility after opening high, closing at 14225 yuan / ton at the end, up 175 yuan / ton from yesterday's settlement price, a daily increase of 1.
25%, an increase of 3298 lots, and a volume of 295984 lots
.
In terms of futures structure, the aluminum market maintained a positive arrangement of near low and far high, and the positive price of Shanghai aluminum 1703 and 1704 contracts retracted to 90 yuan / ton, indicating that the willingness of forward contracts to rise weakened
.
Externally: Ashilun aluminum fluctuated lower, the lowest fell to 1892 US dollars / ton, the lowest fell to 1889 US dollars / ton, and is now trading at 1891 US dollars / ton
.
On February 17, Lun Aluminum held 69.
74 lots and reduced its position by 469 lots, indicating that the bears were forced to leave the market by the main force of the bulls, and the bulls dominated
.
Macro: Today's Asian dollar index soared higher after volatility, rising as high as 101.
24 and now trading at 101.
14
.
In addition, Germany's PPI annual rate in January rebounded sharply beyond expectations, in line with market expectations, indicating that the expectation of inflation recovery in the euro area continues to strengthen; Eurozone consumer confidence slipped to minus 6.
2 in February from minus 4.
7 at the end of January, less than the expected minus 4.
9 and the first decline
in five straight gains.
Aluminum industry news, data released by the International Aluminum Association (IAI) on Monday showed that global (excluding China) primary aluminum production in January was 2.
168 million tons, down from 2.
171 million tons
in December.
China's primary aluminum production was 2.
95 million mt in January, compared with 2.
891 million mt
in December last year.
In terms of market: Shanghai transaction concentration 13870-13890 yuan / ton, discount for the month 260-240 yuan / ton, Wuxi transaction concentration 13870-13890 yuan / ton, Hangzhou transaction concentration 13910-13930 yuan / ton
.
Signs of strong in the aluminum stalemate are shown, the willingness of the holders to ship at the high is still positive, and at the same time will control the discount range, the middleman favors the procurement of large discount sources, the downstream enterprises are willing to passively purchase the bearish aluminum price, and the overall transaction shows a good low-price transaction and a high-price deadlock pattern
.
The Shanghai aluminum 1704 contract stabilized at a high throughout the day, thanks to the overall strength driven by the base metal sector, mainly due to downstream support and the speculation
of supply-side reform.
On the technical side, today's aluminum continued to rise to challenge the 5-day line, and the position was amplified
.
In terms of operation, it is recommended that Shanghai aluminum maintain a short-long pattern, with a long reference of 14100 yuan / ton and a stop loss reference of 13900 yuan / ton
.
