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On the last trading day of this week, the main 1805 contract of Shanghai aluminum continued to decline in the morning, and the price fell to 13935 yuan after rebounding, and then ran around 14,000 yuan in a narrow range, falling slightly before closing, closing at 14,010 yuan, down 40 yuan, or 0.
28%.
Index holdings decreased by 10,726 lots to 780,000 lots, and trading volume shrank to 437,000 lots
.
Externally, the LME aluminum March contract fell back after rising $2,000 in the morning, falling to a low of $1,987 before closing, and finally closing at $1,989, down $9, or 0.
45%.
Spot market, Shanghai nonferrous metal trading center electrolytic aluminum price quotation 13970-14010 yuan / ton, down 30 yuan / ton from the previous trading day, spot discount reported to C60-C20 yuan / ton, morning aluminum price pullback, middlemen continue to hold up the price of shipments, the market willingness to receive goods is maintained but not as good as in previous days, the overall quotation is slightly deadlocked, the overall market trading is general
.
In terms of news, the market has now digested some of the bearish factors
of the Sino-US trade war.
In the trade war, although aluminum products are one of the chips in the Sino-US game, the number of aluminum products involved in the import and export of aluminum products for China is very limited, so the impact on the domestic is actually very small
.
After the United States continues to exempt its allies from aluminum import tariffs, the impact on the United States is also weakening
.
Therefore, whether it is international or domestic, the impact of the trade war on the fundamentals of the aluminum industry is relatively small
.
It's more about macro and emotional influences
.
Industry News,
1.
Hydro Aluminium has completed the acquisition
of two aluminum profile factories under Arconic in Brazil.
In December, Hydro announced its $10 million acquisition of two processing plants in Utinga and Tubarao, in Brazil's southern region, including a foundry and seven extruders
.
2.
Alcoa has made plans to establish a joint venture with Almex in Ontario, Canada, to build a 50-acre
automotive aluminum production plant in the Anugur Aluminum Park in Orissa.
At present, the social inventory of the aluminum market has declined for two consecutive weeks, coupled with the introduction of the rectification plan for captive power plants, increasing the cost of aluminum enterprises, and aluminum prices have temporarily been supported to form a phased rebound
.
However, the overall inventory pressure is still there, and in the future, with the full liberalization of aluminum enterprises, oversupply concerns still exist, which will put greater pressure
on aluminum prices.
Technically, the main KDJ golden fork and MACD golden cross of Shanghai aluminum have rebound demand for short-term price trends, and the market can be dominated
by high short operation.
