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On Tuesday, the main contract of Shanghai aluminum 1805 contract oscillated and continued to rise, trading at 14125-13960 yuan / ton during the day, and closing at 14080 yuan / ton at the end, up 0.
64% per day, the second consecutive day of rise, indicating its strong
willingness to rebound.
However, at present, Shanghai aluminum is still running at the intersection of moving averages, and it is facing multiple moving average suppression
above.
Shanghai aluminum continued the positive arrangement of near, low, far and high, of which the positive price difference between the Shanghai aluminum 1805 contract and the 1806 contract was flat to 60 yuan / ton
.
In terms of the external market, Asian Lun aluminum rushed back down, showing that the upper selling pressure is heavier, of which the 3-month LME aluminum reported 2020 US dollars / ton, up slightly by 0.
75% per day, the current Lun aluminum running below the main moving average group, showing that the upper selling pressure is still heavier, and its performance is weaker than Shanghai aluminum
.
In terms of the market, on April 3, the Shanghai transaction concentration was 14000-14020 yuan / ton, the discount for the month was 70-60 yuan / ton, the Wuxi transaction concentration was 14000-14020 yuan / ton, and the Hangzhou transaction concentration was 14010-14030 yuan / ton
.
Spot prices and discounts narrowed, holders shipments increased slightly, due to the 17% reduction in VAT in May, although the details have not yet been issued, it is not possible to determine whether traders enjoy tax reduction incentives, but there are still traders actively replenishing inventory, downstream on-demand procurement, the overall transaction is active
.
On the macro front, the Asian dollar index fell under pressure and continued to trade around 89.
85, falling into high oscillations
for the fourth consecutive day.
The final Markit manufacturing PMI in March was 55.
6, the highest since March 2015, but slightly below the preliminary value of 55.
7, while the ISM manufacturing PMI in March was 59.
3, lower than the expected 60, and the new orders index was the lowest since
August last year.
In terms of industry, as of April 2, SMM statistics domestic electrolytic aluminum social inventory (including SHFE warehouse receipt): the total inventory of aluminum ingots in 8 places was 2.
227 million tons, down 16,000 tons
from last Thursday.
During the day, Shanghai aluminum 1805 rebounded strongly to 14080 yuan / ton, because the recent domestic aluminum inventory began to rise to fall, showing a slight improvement in downstream demand, short-term continue to pay attention to aluminum price rebound demand, operationally recommended Shanghai aluminum 1805 contract can be backed by 13950 yuan / ton above the dip, the upper target to focus on 14150 yuan / ton
.
