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On Tuesday, the main force of Shanghai aluminum opened at 13725 yuan / ton, although the day continued to test the 10-day moving average resistance, but did not form an effective breakthrough, the intraday high touched 13795 yuan / ton, but in the surrounding metal fall, and the aluminum market fundamentals continue to be weak, the main entity around the daily moving average oscillation, the end of the Shanghai aluminum main force closed at 13705 yuan / ton, down 60 yuan / ton, down 0.
44%.
。 During the day, the main trading volume of Shanghai aluminum decreased by 62,678 lots to 143,000 lots, the position increased by 7,134 lots to 240,000 lots, and the Shanghai aluminum index reduced its position by 1,334 lots to 589,000 lots, lacking the support of many factors, bulls withdrew, and aluminum prices fell back to the weak operation
below the 5-day moving average.
In terms of external trading, Lun aluminum opened at 1890 US dollars / ton during the Asian session, although the upper 5-day moving average resistance was tested during the day, touching a high of 1895.
5 US dollars / ton, but the surrounding metals are still weak, and China's domestic aluminum ingot supply continues to rise, new and resumed production capacity superimposed, inventory climbing, supply-side reform has limited inhibitory effect on operating capacity, Lun aluminum goods continue to maintain a high pullback trend
.
In terms of the market, the aluminum period of the month narrow finishing 5-day moving average nearby, the upper average pressure remains, Shanghai spot trading 13540-13550 yuan / ton, the month discount 60-40 yuan / ton, Wuxi spot trading concentrated 13540-13550 yuan / ton, Hangzhou mainstream transaction 13550 yuan / ton, under the narrow operation of the plate, the shippers shipments increased, the number of warehouse receipts in circulation in the same period increased, the warehouse receipt price was discounted to the month around 20 yuan / ton, and the supply was more abundant.
Downstream feedback is still mainly on-demand
.
The transaction volume of low-iron aluminum ingots was 13,720 yuan / ton, which was around 150 yuan / ton relative to the spot price
.
The overall market situation seems to show that the pressure of shipment is greater, and the receiver is still in a wait-and-see mood
.
After the afternoon plate, the spot price also rose to around 13580 yuan / ton, but the micro-market period aluminum weakened again, and there were few
spot transactions.
On the news front, crude prices rose on Friday on the back of a Nigerian pipeline, but oil prices still fell nearly 4 percent on a weekly basis this week amid concerns about too much global supply
.
Oil markets are under pressure, in part due to production increases in Nigeria and Libya, two OPEC members who are not bound
by the production cut agreement.
Gold fell about 1 percent on Friday as the dollar strengthened
.
Palladium surged more than 7 percent as rising demand for speculation forced industrial users to close short positions
, traders said.
LME three-month aluminum closed up 0.
3 percent at $
1,907.
Shanghai spot aluminum ingot quotation at 13580-13620 yuan / ton, down 30 yuan / ton, discount 20 yuan / ton - premium 20 yuan / ton
.
The main 1708 contract of Shanghai aluminum fell slightly during the day, and the market closed at 13705
.
Aluminum prices will continue to fall in the short term, 14000 is the main pressure in the medium term, short-term 13500 support, short orders appropriate take profit, rebound and short, maintain short thinking
.
