echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > The bulls' advantage continues to weaken, and aluminum continues to remain weak and volatile

    The bulls' advantage continues to weaken, and aluminum continues to remain weak and volatile

    • Last Update: 2022-12-17
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Wednesday, the main 1911 contract of Shanghai aluminum opened at 14180 yuan / ton
    in the morning.
    After the opening, the bears began to actively enter, and the Shanghai aluminum shock fell, and then the profit short exit and the low short long made the Shanghai aluminum maintain a weak shock below the 5-day moving average
    .
    In the afternoon, as the bulls gradually left the market in the early stage, the center of gravity of Shanghai aluminum shock continued to move down, closing at the lowest level of 14110 yuan / ton
    .
    Approaching November, the early profit bulls gradually began to leave the market, the bull advantage in the long-short game continued to weaken, some bears began to chase after the victory, and the center of gravity of Shanghai aluminum continued to move
    down.

    Period aluminum

    In terms of external disk, Lun aluminum opened at 1763 US dollars / ton
    in the morning.
    During the Asian session, Lun Aluminum maintained a narrow range after breaking the decline last night, touching a high of $1766.
    5 / ton
    in the afternoon.
    In the afternoon, Lun aluminum continued to weaken, and as of 15:00, Lun aluminum was reported at 1757.
    5 US dollars / ton
    .
    During the European session, Lun aluminum volatility intensified, LME inventory increased for the second consecutive day, increasing by 7475 tons, Lun aluminum weak shock low touched 1755 US dollars / ton, and then tried to repair the intraday decline, as of 17:42, Lun aluminum reported 1758.
    5 US dollars / ton
    .

    In the spot market, aluminum fell back before noon in the month
    .
    In the morning, the spot quotations in Shanghai Wuxi market and the two places are mostly concentrated between 14280-14300 yuan / ton, after 10:30, the spot price begins to be concentrated between 14260-14280 yuan / ton, the opposite plate premium between 50-60 yuan / ton, the spot price is 50 yuan / ton lower than the previous day, and the spot price in Hangzhou is between
    14300-14320 yuan / ton.
    Because spot prices are firm
    .
    In the morning, the willingness of the holder to ship is general, the middleman receives the goods more actively, although the transaction stalemate has not improved significantly, but the overall transaction of the two sides is acceptable, with the decline of aluminum, the spot price has fallen, given that the holder's quotation did not give a significant concession, the premium raised to around 50-60 yuan / ton, at this time, although the shipper has increased but the middleman has performed wait-and-see, the actual transaction is not much
    .
    Downstream manufacturers stock up on demand, but due to the obvious price decline, there is still a small amount of stock
    .
    Aluminum slowly fell in the late afternoon, the price of the holder was between 14240-14280 yuan / ton, the premium of the plate was around 60 yuan / ton, the afternoon market was light, and there was almost no transaction
    .
    It is expected that Shanghai aluminum will continue to maintain weak volatility in the evening, or there will be short more intervention to make Shanghai aluminum rebound
    slightly.

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.