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On Tuesday, Shanghai aluminum main 1811 contract opened at 14470 yuan / ton, the opening was affected by the overnight short atmosphere, several waves of bears poured in to pull Shanghai aluminum down to the lowest price of the day 14400 yuan / ton, because 14400 yuan / ton line has a cost support threshold role, Shanghai aluminum by the support below began to rise low, the shock climbed to 14470 yuan / ton, and then continued to slowly climb to record the highest 14490 yuan / ton in the day, the center of gravity at the end of the day has sunk to probe 14465 yuan / ton
.
The daily close was 14485 yuan / ton, sinking from yesterday's center of gravity, closing at the small white line, down 45 yuan / ton, down 0.
31%.
In terms of the external market, Lun aluminum Asian market gap opened low 2027.
5 US dollars / ton, the opening of the day low price of 2024 US dollars / ton, Asian trading session, Lun aluminum in the first half slowly climbed, recovered part of the decline to touch 2041.
5 US dollars / ton, but close to the end of the Asian session high fell back to 2026 US dollars / ton
.
Due to the cost support below, Lun aluminum began to rise low after entering the European trading session, along the 5-day moving average all the way to the highest price of the day of 2056 US dollars / ton, as of 17:40, closed at 2048 US dollars / ton, up 15 US dollars / ton, or 0.
74%.
In the spot market, aluminum futures bottomed out in the morning of the month to around 14440 yuan / ton, Shanghai spot traded around 14420 yuan / ton, the month discount 20-10 yuan / ton, Wuxi spot transaction 14410-14430 yuan / ton, Hangzhou spot transaction 14430-14440 yuan / ton, Gongyi spot transaction around 14360 yuan / ton, Linyi spot transaction around 14490 yuan / ton, the overall spot transaction is weak, downstream buying interest is slightly insufficient
compared with yesterday.
In the afternoon, the market followed the transaction concentrated on the 1811 contract at a discount of 40 yuan / ton, and the transaction price was around
14420 yuan.
Market News:
1.
The U.
S.
Treasury Department clarified in a statement on Friday that customers could "maintain" licenses for business with Rusal to cover new contracts
.
The U.
S.
Treasury Department said it would consider whether the new contracts were in line with Rusal's past business with customers, leaving open the possibility
for it to approve the renewal of existing orders.
2.
China Aluminum (02600) announced that on September 17, 2018, the company held the 31st meeting of the sixth board of directors to deliberate on the "Proposal on the Company's Intention to Provide Financing Guarantee for the Boffa Bauxite Project in Guinea" and passed the proposal
.
At the beginning of the day, due to the landing of macro-end trade tariff "boots", the confidence of market bulls has been boosted, and the decline in Shanghai aluminum in the afternoon has recovered slightly, but it is still difficult to change the weak price, and it is expected to continue to test the 5-day moving average, continue to pay attention to the external guidance and related macro event dynamics
.
