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On Wednesday (January 25), the main contract of Shanghai aluminum 1703 maintained the large increase recorded overnight, closing at 14050 yuan / ton at the end of the day, up 2.
37% per day, and the daily closing price hit a new high since November 4, 2014, and the upper rebound resistance focused on 14200 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: Ashi Lun aluminum continued to rebound trend, of which 3-month Lun aluminum slightly rose 0.
48% to 1875 US dollars / ton, performance compared with other base metals stagnation, the current Lun aluminum effectively stabilized above the moving average group, but in the past three weeks Lun aluminum has risen 10.
9%, its upper rebound resistance is concerned about 1900 US dollars / ton, short-term need to be wary of the possibility of technical correction
.
Macro: The dollar index fluctuated in a narrow range in early trading and is now trading around
100.
23.
The annualized total of existing home sales in the United States in December 2016 was 5.
49 million, worse than the expected 5.
52 million units, while the annualized monthly rate fell by 2.
8% and also worse than the expected decline of 1.
1%, indicating that the recovery of the US housing market has slowed
.
Aluminum industry information, it is reported that Alcoa's fourth-quarter revenue of $2.
54 billion, better than expected, due to the rise
in aluminum prices.
Alcoa expects global aluminum demand to climb 4% this year, but global aluminum supply may still be 400,000-800,000 tons
in surplus.
In terms of market: on January 25, Shanghai aluminum trading concentrated 13720 yuan / ton, discount for the month 220 yuan / ton, Wuxi transaction concentration 13620 yuan / ton, Hangzhou transaction concentration 13650 yuan / ton
.
The soaring futures aluminum overnight boosted the willingness of middlemen to receive goods, and intraday holders still showed reluctance to sell, but the enthusiasm of middlemen to receive goods was slightly better than expected, but due to the proximity of the Spring Festival, the overall trading volume was small, showing that there was no market
.
The Shanghai aluminum 1703 contract closed strongly at 14,050 yuan / ton, which is much stronger than other base metals, as the Chinese government may cut aluminum production capacity in order to control pollution, and whether the relevant measures can be effectively implemented in the later period will become the focus
of market attention.
The short-term Shanghai aluminum 1703 contract maintains a more idea, it is recommended to bet on the dip above 13,900 yuan, the entry reference is 14,000 yuan, and the target is 14,200 yuan
.
