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Today's Shanghai aluminum main contract 1706 rose strongly, operating range 14180-13880 yuan / ton, the performance continued to be stronger than other base metals, especially in the afternoon significantly pulled, thereby driving other base metals higher, barely stabilizing above the moving average group, the upper rebound resistance focus on 14300 yuan / ton
.
At the same time, the positive price difference between the Shanghai aluminum 1705 and 1706 contracts narrowed to 90 yuan / ton
.
Externally: Ashilun aluminum fluctuated in a narrow range around $1910 / ton, still barely stabilizing above M60, indicating that after the short-term pullback risk was released, the willingness of aluminum prices to fall has weakened, and the technical support below it focuses on $1900 / ton, and the rebound resistance focuses on $2000 / ton
.
Macro: The U.
S.
dollar index fell 0.
58% under pressure overnight, and the Asian market continued to trade around
100.
23.
In addition, China's imports rose 26.
3% year-on-year in March, well above expectations of 15% and 44.
7% in the previous month, and exports rose 22.
3% year-on-year in March, higher than expected growth of 8% and 4.
2%
in the previous month.
Aluminum industry information, China's unwrought aluminum and aluminum exports in March were 410,000 tons, a sharp increase of 57.
7% month-on-month, down 2.
4% year-on-year, and a cumulative export of 1.
06 million tons from January to March, narrowing to 1.
6%
year-on-year.
Recently Chinese aluminum manufacturers are expected to increase exports in the coming months as improving global manufacturing conditions and falling inventories boost demand
.
Market: On April 13, Shanghai aluminum trading concentrated 13730-13760 yuan / ton, the discount for the month was 100-80 yuan / ton, Wuxi transaction concentration was 13730-13760 yuan / ton, Hangzhou transaction concentration was 13750-13770 yuan / ton
.
Some traders took the initiative to inquire and receive goods, driving the upward trend of aluminum, the market receiving atmosphere gradually intensified, downstream enterprises followed the buying up rather than buying down, fueling the price mentality of cargo holders, coupled with the smelter selling at a high price today, the circulation of goods decreased, and the overall transaction was warmer
than yesterday.
The Shanghai aluminum 1706 contract rose strongly to 14125 yuan / ton during the day, still barely running above the moving average group, indicating that its willingness to rise is strong, and the bulls gradually gain the upper hand
.
It is recommended that the Shanghai aluminum 1706 contract can be backed above 13900 yuan to bargain long, the entry reference is around 14050 yuan, and the target is 14300 yuan / ton
.
