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Today's Shanghai aluminum main contract 1706 soared strongly, operating range of 14930-14280 yuan / ton, the performance continued to be stronger than other base metals, mainly boosted by the shutdown of Xinjiang Changji aluminum production capacity, thereby driving other base metals higher, but near the end of the day, Shanghai aluminum fell sharply from the high, and finally closed at 14545 yuan / ton, down 3.
4%
at a higher level.
At the same time, the positive price difference between the Shanghai aluminum 1705 and 1706 contracts narrowed to 90 yuan / ton
.
External market trend: The LME market is closed today
.
As of April 13, Lun aluminum closed at 1918 US dollars / ton, still barely stable 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 US dollars / ton, and the rebound resistance is 2000 US dollars / ton
.
Macro: The Asian dollar index fell under pressure and is now trading around 100.
25, in addition to today's better-than-expected GDP performance in the first quarter, up 6.
9% year-on-year, while industrial value added and real estate investment growth rates also continued to climb, improving the market's outlook
for China's economy 。 Aluminum industry information, Xinjiang Changji Prefecture government decided to stop the construction of 3 enterprises in Changji Prefecture illegally under construction of electrolytic aluminum production capacity of 2 million tons, namely Xinjiang Dongfang Hope Nonferrous Metals Co.
, Ltd.
(800,000 tons, not approved to build first, has been completed), Xinjiang Qiya Aluminum Power Co.
, Ltd.
(800,000 tons, not approved first, has stopped) and Xinjiang Jiarun Resources Holdings Co.
, Ltd.
(400,000 tons, not approved) electrolytic aluminum projects
under construction.
Spot: On April 17, Shanghai aluminum trading concentrated 14400-14420 yuan / ton, the discount for the month was 120-100 yuan / ton, Wuxi transaction concentrated 14390-14410 yuan / ton, Hangzhou transaction concentrated 14420-14430 yuan / ton
.
Spot prices soared 500 yuan / ton, holders shipped to maintain stability, some traders were bullish on the market, appropriate replenishment, returned from the weekend, the wind and clouds suddenly changed, downstream enterprises were caught off guard, it was difficult to accept such a high price, coupled with today's last trading day, downstream chose to wait and see, the overall transaction showed wait-and-see suppressed
.
The Shanghai aluminum 1706 contract rose strongly during the day, but fell from the high at the end of the day, closing at 14485 yuan / ton, the current aluminum price effectively runs above the moving average group, showing that its willingness to rise is strong, and the bulls gradually occupy the upper hand
.
It is recommended that the Shanghai aluminum 1706 contract can be backed by 14250 yuan above the dip, the entry reference is around 14400 yuan, and the target is 14800 yuan / ton
.
