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The Shanghai aluminum main 1805 contract opened high overnight at 13790 yuan after the price began a rapid correction, once fell to 13670 yuan intraday after stabilizing and rebounding slightly and narrowing the decline, closing at 13750 yuan, down 40 yuan, or 0.
29%.
Technically, the aluminum market has broken below the short-term moving average, the trend is weak, and there is still room
for decline below.
Externally, the overnight LME aluminum March contract fell slightly by $2,060 after the Asian market closed, after which the price rebounded to a high of $2,074.
5 and then fell under pressure again, falling to a low of $2,049 in the evening, closing at $2,054, down $19, or 0.
92%.
In terms of inventory, the latest inventory of London Metal Exchange (LME) on the 23rd was 1276375 metric tons, down 2650 metric tons
from the previous trading day's inventory.
In that week, the cumulative decrease in aluminum inventory was 29,775 metric tons, a decrease of about 2.
28%.
Last week, aluminum inventories increased by 6,102 tons to 934216 tons, an increase of 0.
65%, and Shanghai aluminum inventories rose for 38 consecutive weeks
.
In terms of the market, the domestic spot aluminum price fell slightly, and the spot AOO aluminum ingot price of Yangtze River Nonferrous Network was reported at 13750 yuan / ton, down 180 yuan
.
The price of AOO aluminum ingots in East China was reported at 13,670 yuan / ton, down 110 yuan / ton
.
Financial markets are uneasy, and a trade war between the two major economies could lead to a slowdown in global economic growth, weakening metal demand; Domestic aluminum inventories have risen for 38 consecutive weeks, repeatedly hitting record highs, and aluminum prices are still under pressure, and spot aluminum is expected to continue to decline within the day
.
After the end of the heating season, alumina is about to usher in a large-scale resumption of production, coupled with inventory is still growing, the inflection point has not yet arrived, the current market trend is short, the fundamentals of the aluminum market are still weak, aluminum prices will follow the trend, it is recommended to sell short
.
