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On Tuesday morning, the main contract of Shanghai aluminum opened at 13690 yuan / ton, after the opening of the bears gradually put pressure, bulls avoided the market, aluminum prices fluctuated downward, bottomed out at 13525 yuan / ton in the afternoon, in the afternoon bulls faced the low head-on, short-term bears saw the momentum to leave, aluminum prices were boosted slowly upward, Shanghai aluminum repair part of the decline closed at 13600 yuan / ton, failed to recover the 10-day moving average, trading volume reduced to 156072 lots, position decreased by 2978 hands to 225024 lots, The position of Shanghai-aluminum 1704 contract increased by 15,666 lots to 226,200 lots, and the bearish strength moved significantly back, and the short-term Shanghai-aluminum weak view was maintained
.
In terms of external trading, London aluminum opened at 1833 US dollars / ton in the morning, Lun aluminum followed Shanghai aluminum all the way to the low, around 1827-1830 US dollars / ton in the afternoon, under pressure daily moving average, narrow finishing, into the European trading session, the dollar rose sharply, crude oil and base metals quickly leaked, Lun aluminum low touched 1820 US dollars / ton, as of 17:30 Lun aluminum 1822 US dollars / ton, down 12 US dollars / ton, Lun aluminum bottom pointed to the 20-day moving average, it is expected that Lun aluminum continue to test the 20-day moving average to be
。
In terms of the market, aluminum continued to fall
that month.
Shanghai transaction concentration is 13240-13250 yuan / ton, the discount for the month is 250-240 yuan / ton, Wuxi transaction concentration is 13230-13240 yuan / ton, Hangzhou transaction concentration is 13230-13250 yuan / ton
.
Smelter shipments weakened compared with yesterday, holders sell at a high price, spot discount has narrowed, but middlemen can still get profits through the buying and selling period, the willingness to receive goods is very positive, downstream profile enterprises to start work after fifteen, strip and cable enterprises just started, the overall downstream procurement is still weak, the overall transaction is mainly from the contribution
of traders.
In the afternoon, the short closing period aluminum repaired part of the decline in the month, Shanghai holders sold at a high price, the transaction price climbed all the way, the transaction concentration was 13260 ~ 13290 yuan / ton, and there were more quotations at the end of the afternoon, showing the relative strength
of the spot.
In terms of industry, Rio Tinto plans to target bauxite production of 48-50 million tons in 2017, alumina production is expected to be 8-8.
2 million tons, and aluminum production is expected to be 3.
50-3.
7 million tons, an overall slight increase compared with 2016; The retreat of Chinalco Guiyang electrolytic aluminum project into the park is still advancing, and it is planned to officially start electricity and put into operation
at the end of August this year.
Affected by the Spring Festival factors, the current aluminum market consumption has not improved, and the social inventory has also reached the level of 730,000 tons, facing greater excess pressure
in the short term.
At the same time, the rumors of supply-side reform have come to an end, and the Shanghai aluminum market will be under pressure
before the current consumption capacity has not been substantially improved.
On the plate, Shanghai aluminum may continue to test the 13,500 first-line support, because the spot is still heavily discounted, short-term aluminum prices are still likely to
weaken.
