Shanghai aluminum maintains range volatility and pays attention to the trend of surrounding varieties

In terms of the external market, Lun aluminum opened at 1732 US dollars / ton in the morning, affected by the superposition of crude oil and domestic Shanghai aluminum trends, Lun aluminum fluctuated in a narrow range at 1735 US dollars / ton at the beginning of the session, and then tested the low and rebounded, the 10-day moving average was repeated but successfully broken, touching the intraday high of 1746 US dollars / ton, the afternoon low of the US dollar rose, crude oil and Shanghai aluminum fell, Lun aluminum then fell to near the daily moving average, into the European trading session, the initial Lun aluminum around the daily moving average sorted, crude oil decline is difficult to stop, As of 17:25, Lun aluminum closed at 1725 US dollars / ton, continuing to pay attention to the trend of crude oil, and it is expected that Lun aluminum will be under pressure
.

On the macro front, it is reported that Russia, which is not a member of OPEC, will also join the ranks of production cuts, which is the first time in 15 years, to help OPEC support oil prices
.
Oil prices soared as much as 10 percent
on Wednesday as Saudi Arabia reached a compromise with Iran and fast-growing producer Iraq agreed to curtail its growing output.
Boosted by the sharp rise in oil prices, non-ferrous metals such as copper and aluminum took the opportunity to rebound, but because the fundamentals of the non-ferrous market are still not stable enough, the rebound space is limited
.

In terms of the market, the center of gravity of the aluminum period fluctuated widely before noon that month
.
Shanghai trading concentrated 13890-13920 yuan / ton, the current month premium 20-70 yuan / ton, the future aluminum that month first suppressed and then rose, although the spot quotation tried to follow the upward adjustment, but the transaction price increase is limited, so the premium narrowed rapidly, Wuxi transaction concentration 13890-13920 yuan / ton, Hangzhou transaction concentration 13930-13950 yuan / ton
。 Holders are willing to exchange cash positively, more circulation spots, aluminum due to the OPEC production reduction agreement and red, downstream enterprises are worried that prices will continue to rise, the willingness to receive goods rebounded compared with yesterday, middlemen cautiously waited, did not see the initiative to receive, the overall transaction is warmer than yesterday, mainly from the downstream enterprises to receive the low price of the active
.
In the late afternoon, aluminum fell after rising to 14,000 yuan / ton in the month, and the holders raised the price, and the transaction was concentrated at 13960-13980 yuan / ton, with a small number of transactions
.

Comprehensive research and judgment: the cost of electrolytic aluminum continues to rise, supporting aluminum prices; However, the increase in spot arrivals weighed on aluminum prices
.
Shanghai aluminum closed the doji within the day to show the current long and short tug-of-war state, short-term Shanghai aluminum maintained range volatility, pay attention to the surrounding varieties and crude oil trends
.
It is expected that the main trend of Shanghai aluminum will be weak, focusing on the support
of the 40-day moving average.
At the same time
, pay attention to the arrival of spot goods.