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Today's Shanghai aluminum 1705 contract continued to fluctuate in a narrow range around 13650 yuan / ton, with an operating range of 13750-13540 yuan / ton, and closed at 13650 yuan / ton, down 0.
47%
daily.
In terms of futures structure, the aluminum market maintained a positive arrangement of near low and far high, and the price difference between Shanghai aluminum 1704 and 1705 contracts remained at 100 yuan / ton, indicating that the willingness of forward contracts to resist decline has increased
.
Externally: Ashi Lun aluminum fluctuated in a narrow range around $1924 / ton, of which 3-month aluminum fell slightly by 0.
31% to $1924 / ton, aluminum prices still run above the main moving average group, the performance is far more resistant to other base metals
.
On March 24, Lun Aluminum held 729,000 lots, with a daily increase of 2,224 lots, and the rebound of the increased position indicates that the long position is covering the market, and the long and short game is still fierce
.
Macro: Today's Asian dollar index rushed back down, extending its overnight decline, and is now trading around 99.
2, mainly suppressed by
Trump's policy uncertainty.
In addition, the profits of industrial enterprises above designated size in China increased by 31.
5%
year-on-year in January-February.
Malaysia on Tuesday extended its bauxite mining ban for a further three months, until June 30, 2017, in an effort to clear remaining bauxite stockpiles
.
There are still 2.
15 million tonnes of bauxite near Kuantan County, the capital of Pahang state, where bauxite is the main producing state, for a total of 5.
4 million tonnes before the mining ban was imposed.
Market: On March 28, Shanghai aluminum trading concentrated 13420-13440 yuan / ton, the discount for the month was 160-140 yuan / ton, Wuxi transaction concentrated 13420-13440 yuan / ton, Hangzhou transaction concentrated 13450-13470 yuan / ton
。 In the first period of trading, the aluminum futures went down, and the cargo holders had a positive attitude towards shipments, but as the center of gravity of aluminum continued to rise in the second trading session, the holders adjusted prices with the market, and the willingness to raise prices was strong, showing the mentality of reluctance to sell, the middlemen still had no room for operation, only downstream to receive goods, especially the spot with the monthly ticket, the spot price did not change much, the downstream enterprises purchased on demand, the overall transaction maintained stability, and the supply side had a tendency
to control goods.
The Shanghai aluminum 1705 contract oscillated slightly during the day, and the performance was relatively resistant
.
In view of Malaysia's continued extension of the bauxite mining ban, the pressure on bauxite supply has declined, and aluminum prices have not effectively fallen below the oscillation range.
Operationally, it is recommended that the Shanghai aluminum 1705 contract can be backed by 13,500 yuan above the dip, and the entry reference is around 13,600 yuan, with a target of 13,800 yuan
.
