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On Tuesday, the main 1707 contract of Shanghai aluminum rushed back down, and immediately rushed to 13990 yuan after the morning opening shock, and then the price went straight lower under pressure, the lowest to 13900 yuan, rebounded slightly before the noon close, and dipped again to approach the day's low at the end of the day, closing at 13100 yuan, down 150 yuan, down -1.
07%.
Externally, the LME aluminum March contract fell again, opening high at $1938, rushing higher than $1940 after the open, and then under pressure and shock down to $1926, the price rebounded slightly before the noon close, and the price fluctuated widely in the afternoon, but still fell to $1922.
5, and closed at $1924.
5 as of the Asian market close, down $14, or -0.
72%.
The market is negative, spot aluminum morning spot trading at 13760-13800 yuan / ton, down 130 yuan / ton from the previous day, the futures spot price spread widened to C130-C90 yuan / ton
.
The mainstream trading hours of the spot market within the day are generally traded, and after the price fall, the holders are still optimistic about the future market, reporting average price shipments, and the market supply is still abundant, but the downstream is waiting for a better purchase price, the wait-and-see mood is stronger, and the market trading situation is general
.
In terms of news, the recent black series soared, but the pressure on bulls to reduce profits increased, especially the plunge in iron ore at the end of the day inhibited the overall market atmosphere
.
At present, the current situation of oversupply in the aluminum market is prominent, and in the case of weak rebound in aluminum prices, the decline also ranks first among non-ferrous metals, and it is expected that the future market of Shanghai aluminum is weak and volatile
.
On the technical side, the main KDJ golden cross of Shanghai aluminum but the J line turned downward, the pullback pressure appeared, the MACD golden cross but the strength was weak, and the 5-day moving average of 13900 yuan continued to test the support within the day, but the current price is suppressed by the neckline, and there is still downward momentum
in the short term.
It is expected that the current price spread will continue to maintain a large discount, and the quotation may fall below
13700 yuan / ton.
