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On Tuesday (January 24), the main contract of Shanghai aluminum 1703 fluctuated in a narrow range around 13750 yuan / ton, with an intraday trading range of 13820-13660 yuan / ton, and closed at 13725 yuan / ton at the end of the day, up slightly by 0.
26% on the day, and the upper rebound resistance focused on 13900 yuan / ton
.
At the same time, the positive price difference between Shanghai-aluminum 1702 and 1703 contracts remained at 60 yuan / ton, indicating that the willingness of forward contracts to rise weakened
.
Externally: Asian Lun aluminum around 1850 US dollars / ton around a narrow range, of which 3 months Lun aluminum slightly fell 0.
32% to 1844 US dollars / ton, performance compared with other base metals stagnation resistance, the current Lun aluminum effectively stabilized above the moving average group, but in the past three weeks Lun aluminum has risen 9.
2%, its upper rebound resistance is concerned about 1900 US dollars / ton, short-term need to be wary of the possibility
of technical pullback.
Macro: The Asian dollar index extended its overnight decline and is now trading around
100.
08.
After Trump officially took office, he signed a decree announcing his withdrawal from the TPP, or triggering trade frictions
between Japan and the United States.
After that, the United States will seek to establish one-to-one trade deals with countries, and the protectionism of the Trump administration in the United States has raised market concerns
.
According to data from the National Bureau of Statistics, China's aluminum production in December 2016 increased by 13.
2% year-on-year to 2.
89 million tons, and aluminum production in 2016 increased by 1.
3% year-on-year to 31.
87 million tons
.
In terms of market: on January 24, Shanghai aluminum trading concentrated 13460-134700 yuan / ton, the monthly discount maintained 170-160 yuan / ton, Wuxi transaction concentrated 13440-13470 yuan / ton, Hangzhou transaction concentrated 13460-13480 yuan / ton
.
There are few traders still trading in the market, smelters are still shipping, the final stocking of individual downstream is basically completed, and the overall transaction in the East China market is not good
.
Intraday Shanghai aluminum 1703 contract oscillation stabilized to 13725 yuan / ton, its performance resisted the fall in nickel, showing that the intrinsic willingness of aluminum prices to fall is weak, Shanghai aluminum 1703 contract maintained a long idea, it is recommended to back 13550 yuan above the dip, entry reference 13680 yuan, target 13900 yuan
.
