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On Tuesday, the main 1706 contract of Shanghai aluminum immediately rushed higher, once approaching the overnight high, to 14570 yuan, but since then the price has been under pressure, the shock falls, once fell to the morning opening price nearby, the afternoon long and short continued to glue, but affected by the market atmosphere, the aluminum market fell slightly, closing at 14495 yuan, down 40 yuan, down -0.
28%.
Index holdings decreased by 42,460 contracts to 759,000 lots, and trading volume shrank to 551,000 lots
.
LME aluminum March contract opened up today, opened high at $1940 and then slightly lowered to near the opening price, the price immediately pulled up, once rushed to $1958.
5, after which the price high volatility fell, the afternoon price continued to fall back to $1940, and finally the Asian market closed at $1941.
5, up $23, or 1.
2%.
News: China's crude steel production in March continued to increase year-on-year, hitting a monthly record high of 72 million tons, the market is once again worried about oversupply, iron ore has recently fallen sharply, weak demand has also made coal bifocal tumbling
.
In addition, the situation on the Korean Peninsula is still tense, so that the global market continues to temporarily avoid safety, and the aluminum market has to consolidate
at a high level.
Spot market: Tuesday's spot market mainstream trading hours trading general, aluminum prices jumped on Monday, coupled with just finished delivery, so that downstream buyers mostly into a wait-and-see state, the attitude of holders is still positive, the market is large discount shipments, so that the supply is relatively abundant, but the demand is small, the overall trading situation is not ideal
.
In the afternoon, market trading continued to remain lukewarm
.
On the technical side, Shanghai aluminum main KDJ dead cross, MACD golden cross and reopened, intraday price high volatility, short-term need to digest profit orders, there will still be a chance to challenge 14600 yuan and stand firm, support moved up to 14300 yuan
.
The current price spread will be magnified again to a large discount after the delivery date, and tomorrow's quotation may continue to remain around
14350 yuan / ton.
