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Today's Shanghai aluminum main contract 1707 stopped falling and stabilized, intraday trading at 13650-13890 yuan / ton, the end of the close at 13855 yuan / ton, up 0.
62% per day, the current aluminum price is running under the main moving average group, short-term downside risks remain.
At the same time, the positive price difference between Shanghai aluminum 1706 and 1707 contracts remained stable at 75 yuan / ton
.
External trend: LME aluminum extended its decline today, falling for the seventh trading day in the past eight trading days, of which 3-month Lun aluminum fell 0.
19% to $1876 / ton, so that aluminum prices effectively ran below the moving average group, and fell to a new low since March 15 this year, indicating that the short-term decline risk increased
.
On the macro front: The Asian dollar index rebounded to around 99.
25, but remained close to the low set on November 9
, 2016.
The short-term market lacks focus, long and short trading is light, and the focus on China's April credit and social finance data will be released in the evening, looking for the central bank's monetary policy orientation
.
Aluminum industry information, it is reported that because the price of alumina has fallen to its cost, Luoyang Xiangjiang Wanji Aluminum Co.
, Ltd.
stopped the production of its 400,000 tons / year alumina production line
.
In terms of market: on May 9, Shanghai trading concentrated 13630-13650 yuan / ton, the discount for the month was 30-20 yuan / ton, Wuxi transaction concentration was 13630-13650 yuan / ton, Hangzhou transaction concentration was 13650-13670 yuan / ton
.
Aluminum is stable, holders are selling at high prices, middlemen are actively inquiring, low prices are more willing to receive goods, downstream enterprises are bargaining for purchases, and the overall transaction is differentiating between supply and demand
.
The Shanghai aluminum 1707 contract rebounded to 13855 yuan / ton during the day, indicating that its willingness to fall has weakened, but due to the lack of effective upward momentum to boost, it still needs to be cautious
about its rebound height.
In terms of operation, it is recommended that the Shanghai aluminum 1707 contract can be backed by 13950 yuan below the sky, the entry reference is around 13880 yuan, and the target is 13650 yuan / ton
.
