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On Monday, the Shanghai aluminum 1705 contract opened at 14080 yuan / ton in the morning, the bulls had a slight advantage at the beginning of the session, Shanghai aluminum slightly touched 14150 yuan / ton, and then the bears made a strong force, Shanghai aluminum opened the downward mode, and the aluminum price in the afternoon was narrowly sorted out for a moment and then pressed by the bears, and the low aluminum price touched 13830 yuan / ton and closed at this point
.
The volume increased to 201920 lots, and the position increased by 19030 lots to 268504 lots
.
Below focus on 13700 yuan / ton and 40-day line support, it is expected that short-term Shanghai aluminum still has a slight downside, but the space below is relatively limited
.
In terms of external trading, Lun aluminum opened at 1888 US dollars / ton in the morning, dragged down by the domestic market during the Asian session, Lun aluminum fell to a low of 1875.
5 US dollars / ton, entering the European and American trading session, Lun aluminum slightly repaired the decline after accelerating the bottom, once recorded 1865 US dollars / ton, and then the low rose back to near the daily moving average, as of 16:22 Lun aluminum 1878 US dollars / ton, the overall performance is still stronger than Shanghai aluminum, the evening data is light, it is expected that Lun aluminum try to recover the 20-day moving average
.
On the macro front, oil prices rose on Friday as a weaker dollar drove buying, but investors remained cautious
after data from Russian oil showed the country's compliance rate with the global production cut agreement was low.
Money market trends showed that before Yellen's speech, the market had priced in about an eight-in-ten chance of the Fed raising interest rates this month, after hawkish speeches
by New York Fed President Dudley and San Francisco Fed President Williams.
LME three-month aluminum closed down 1 percent at $
1,892.
In terms of the market, aluminum fell all the way before noon, with Shanghai trading concentrated 13570-13590 yuan / ton, 180-150 yuan / ton discount for the month, 13560-13590 yuan / ton in Wuxi, and 13600-13590 yuan / ton in Hangzhou
.
Gongyi downstream enterprises were affected by environmental protection to stop production, resulting in outflow of goods, East China weekend aluminum ingots arrived more, holders are willing to exchange cash, downstream enterprise consumption gradually picked up, procurement volume increased, middlemen are mainly downstream procurement, the overall transaction shows that supply and demand at both ends increase, but still in the pattern
of oversupply.
In the late afternoon, aluminum fell endlessly in the month, and the holders adjusted the price with the market, and the transaction price range was 13500-13560 yuan / ton, and the middlemen were afraid to fall and wait and see in
the afternoon.
At present, there is no further information on the production restriction policy of electrolytic aluminum, and the hype heat of the information about the previous heating season production limit has cooled down rapidly, and the actual significance is not much
.
As inventories continue to increase sharply, the overall supply and demand pattern of the market remains weak, and the 1705 short order recommended on Friday continues to hold, rebounding upward to 14100 take profit, focusing on the support
around 13700.
