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On Wednesday, the main 1708 contract of Shanghai aluminum fluctuated at a high level after the open, but then fell slightly back to a narrow range around 13,900 yuan, and the aluminum market rose slightly at the end of the day, subject to the 14,000 yuan integer mark throughout the day, and closed at 13,955 yuan, up 145 yuan, or 1.
05%.
In the external market, the LME aluminum March contract maintained a narrow range throughout the day, with a low of $1885, and the price rose to $1897 near the close of the Asian market, closing at $1893.
5, up $5, or 0.
26%.
In terms of the market, the mainstream trading hours of the spot market are generally trading, and the need to return funds at the end of the month and other reasons make the cargo attitude of the holders more positive, and a small amount of profit shipments, but the downstream is also trapped in tight funds, the dual factors at the end of the quarter and the end of the month are affected, the ability to receive goods is discounted, and the market trading is weak
.
This may continue until the end of the
quarter.
The position report released by the LME on Tuesday showed that fund managers' net long holdings of LME aluminum decreased by 7% in the week of the 23rd, and reduced their holdings by nearly 20% in a month, and the market focused on China's rising supply and China's increased exports, which made the aluminum market's recent performance dull
.
The black series rose sharply during the day, coupled with Yellen's speech at night to suppress the dollar, all caused a certain benefit to Shanghai aluminum, the Ministry of Industry and Information Technology convened some electrolytic aluminum enterprises in the afternoon to hold a symposium on the operation of electrolytic aluminum production capacity in the first half of 2017, some funds took advantage of the situation to preemptively layout, waiting for the supply side to be good, but also pulled up the trading focus of Shanghai aluminum, pay attention to the results of
the afternoon meeting.
On the technical side, Shanghai aluminum main KDJ gold cross, MACD gold cross, but both trend bearish, the price above the 60 moving average and 14,000 yuan integer mark pressure, below will test the support at 13800 yuan, tomorrow's quotation or remain around
13700 yuan / ton.
