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On Monday, the main 1706 contract of Shanghai aluminum opened in the morning immediately after a small decline, the price once fell to 13750 yuan, and then rebounded slightly to 13820 yuan, but the price fell again before the close of midday, the afternoon market did not improve, aluminum prices continued to fluctuate lower to 13650 yuan, rebounded slightly before closing, closed at 13695 yuan, down 230 yuan, down -1.
65%.
Index holdings increased by 17,898 lots to 716,000 lots, and the trading volume expanded to 653,000 lots
.
Externally, the LME aluminum March contract fell again, opening high at $1904 on Monday, and then fluctuating in a narrow range, repeatedly hitting the opening price after failure, the price fell to $1895.
5, and the price rebounded slightly above $1900 before the afternoon, but the price was still under pressure in the afternoon, continuing to fall to the closing period, as low as $1890, closing at $1890.
5, down $9.
5, or -0.
5%.
In terms of news, the unemployment rate in the United States hit a ten-year low in April, the probability of interest rate hikes in June was further improved, and the latest release of China's April trade balance was lower than expected, lacking favorable support, in addition, according to Baichuan information statistics, in April 2017, China's electrolytic aluminum production was 3.
0644 million tons, an increase of 18.
83% year-on-year, and the average daily output was 102,100 tons, higher than 99,100 tons in March.
Spot market, spot market mainstream trading hours trading general, early holders reluctant to sell, late quotation aluminum continued to decline downward, market quotation began to turn to flat water or discount, downstream continue to take advantage of low replenishment, good willingness to receive goods, but as the futures market continues to fall, the downstream turned to wait and see, holders also shipped poorly, the overall trading situation is general
.
On the technical side, the main KDJ dead fork of Shanghai aluminum entered the oversold area, the MACD dead cross opened downward, and many medium-term moving averages were broken, and the adjustment pattern did not change, and the short-term continued to pay attention to the support
at 13600 yuan.
It is expected that the current price spread will narrow slightly but still remain at a discount, and the quotation may fall to around
the 13650 yuan / ton level.
