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On Thursday, the main 1709 contract of Shanghai aluminum immediately rebounded after the opening, the price fluctuated all the way upward, the highest rushed to 14520 yuan, in the afternoon with the black series decline expanded, bulls temporarily reduced their positions and waited, aluminum prices also fell to the lowest 14400 yuan, closed at 14420 yuan, and finally closed
.
Externally, the LME aluminum March contract price immediately fluctuated higher to $1930 after the open, after which the price remained at a high level, and the price fell slightly before the Asian market closed, and finally closed at $1925, up $5, or 0.
26%.
In terms of the market, the mainstream trading hours of the spot market trading hours are general, the morning aluminum price remains high, so that the holders actively ship, but the downstream only needs to purchase-based, demand is still not good, the current market bullish atmosphere is slightly strong, and the spot discount is large, resulting in more active trading between traders, the market transaction has improved
compared with the previous day.
In terms of news, Dongfang hopes to close 800,000 tons of electrolytic aluminum production capacity, bringing confidence to bulls in the morning, in addition, WBMS data shows that the global aluminum gap from January to May continued to expand to 735,000 tons, and aluminum prices once soared again, but the black diving at the end of the day made the funds temporarily wait-and-see, and the pressure level of 14,500 yuan in the early stage was temporarily difficult to overcome
.
On the technical side, the main KDJ and MACD double golden forks of Shanghai aluminum, the price rushed back to the vicinity of the 5-day moving average, and the short-term pressure at 14,500 yuan remained, and the quotation may fall back to above
14,100 yuan / ton.
