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Market review, Shanghai aluminum volatility on Wednesday is strong, Shanghai aluminum 1904 contract traded at 13460-13530 yuan / ton, the end of the day closed at 13520 yuan / ton, up 0.
45%
daily.
In the external market, as of 15:35, the 3-month Lun aluminum was reported at 1866.
00 US dollars / ton, up 0.
48%
on the day.
Industry: Solidarity said Tuesday it had received notice
of a cut in production at South32's Hillside aluminum plant in Richards Bay.
Unions say the process of cutting spending could affect the lives of up to 30,000 people, affecting the entire Richards Bay region
.
In terms of the market, the mainstream trading price in Shanghai was traded between 13380-13390 yuan / ton, an increase of more than 30 yuan / ton from the previous day, the spot pair was discounted 70-60 yuan / ton in the month, the transaction price in Wuxi was concentrated 13380-13390 yuan / ton, and the transaction price in Hangzhou was concentrated between
13380-13400 yuan / ton.
The intraday market circulation supply is sufficient, although the cargo holders are positive, but the actual transaction performance is not as good as the previous day, the normal purchase volume of Chalco is large, which will drive the intermediary transaction, but did not purchase in East China, the East China market is affected by it, the intraday market transaction performance is average
.
Downstream basic on-demand procurement, no obvious highlights
.
In terms of inventories, LME aluminum stocks were 1,255,725 tons on February 19, down 4,600 tons from the previous session; As of February 15, 2019, LME aluminium stocks stood at 1,266,600 tonnes, down 6,900 tonnes
from the previous session.
From a seasonal perspective, current inventories remain low compared to the last five years
.
Shanghai aluminum volatility is strong during the day, due to the improvement of macro atmosphere and the impact of the news of Hillside aluminum plant production cuts, aluminum prices show a strong trend, but in the context of the current weak fundamentals, aluminum prices have limited upside
.
In the spot market, the market circulation supply is sufficient, although the shipment performance of the holders is positive, but the actual transaction performance is not as good as the previous day, and the downstream is basically purchased on demand, and there is no obvious bright spot
.
On the technical side, the futures price is in the volatility range, and the short-term focus is on whether the futures price can break through the resistance
near the upper 40-day moving average.
