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On Monday, the main contract of Shanghai aluminum opened at 14,235 yuan / ton in the morning, the data showed that the total inventory of aluminum ingots in 8 places in China was 2.
263 million tons, an increase of 50,000 tons from last Thursday, and the continued sharp increase in electrolytic aluminum inventories gave bears confidence in entering the market, after the opening of the bears took the initiative to enter the market to pressure, aluminum prices fell under pressure and the low once touched 14,035 yuan / ton, close to the 10,000 mark, bulls tried to enter a small amount, aluminum prices stopped falling and rebounded slightly to 14,130 yuan / ton, but it was difficult to resist the strong bears, aluminum prices failed to continue the rebound market , the end of the session turned down again, closing at 14065 yuan / ton
.
In terms of external trading, Lun aluminum opened at 2121 US dollars / ton in the morning, the Asian session Lun aluminum was dragged down by the domestic market performance is weak, rebounded at noon but under pressure at the daily average of 2113 US dollars / ton, the afternoon low touched 2106 US dollars / ton, but compared to last week, aluminum prices this week returned to the external strong internal weak rhythm, the ratio from last Friday's 6.
75 near 6.
65 to about 6.
65, into the European trading session, Lun aluminum tried to rise, as of 16:58, Lun aluminum reported 2112.
5 US dollars / ton, short-term data surface, It is expected that Lun Aluminum will continue to try to repair the decline, around the 5-day moving average and gather strength to sit on the 5-day moving average position, but it is necessary to pay attention to the domestic night trading trend of Shanghai Aluminum to contain Lun Aluminum
.
In terms of the market, before the afternoon, Shanghai trading concentrated 13800-13820 yuan / ton, the discount for the month was 100-90 yuan / ton, Wuxi transaction concentration was 13800-13820 yuan / ton, Hangzhou transaction concentration was 13810-13830 yuan / ton
.
Holders shipped more in the early stage, stabilized the plate in the later stage, weakened shipments, increased the overall receiving of goods by traders, increased the willingness of downstream enterprises to purchase at low prices, and the overall transaction was more active
.
In the late afternoon, aluminum rose first and then declined, and the trading price in East China stabilized at 13800-13810 yuan / ton
.
On the news front, oil prices rose nearly 2 percent on Friday, rebounding from losses in the previous two days as U.
S.
stocks rose buoyed by strong U.
S.
jobs reports and investors held out hopes
that a planned meeting between U.
S.
President Donald Trump and North Korean leader Kim Jong Un could ease geopolitical tensions.
Gold prices rebounded from lows on Friday after the dollar fell against most major currencies as slower wage growth signaled a slow rise in inflation this year
.
The continuous oscillation of aluminum in Shanghai after the holiday is related
to the lack of improvement in domestic fundamentals.
At present, due to the slow pace of recovery of downstream orders, weak fundamentals give short momentum, and it is necessary to continue to observe downstream changes and inventory changes
.
In the short term, Shanghai aluminum will still struggle repeatedly at the Wansi Mark, but the recovery of consumption in the later period is still expected, and the start of the rise is expected to be from the end of March to the beginning of
April.
