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On Monday, the main Shanghai aluminum contract 2001 opened at 13850 yuan / ton
in the morning.
The bulls took the initiative to increase their positions before noon, and the Shanghai aluminum opened rapidly upward and touched a high of 13875 yuan / ton
.
The high led the bears to enter, and after a short long and short game, the weakening of Shanghai aluminum quickly fell below the 40-day moving average to near
the 5/20-day moving average.
In the afternoon, Shanghai aluminum remained volatile, touching 13800 yuan / ton at a low level and closing at 13805 yuan / ton
.
In terms of external disk, Lun aluminum opened at 1738.
5 US dollars / ton
in the morning.
During the Asian session, Lun aluminum oscillated upward high to touch 1746 US dollars / ton, before noon, Lun aluminum maintained a range above the 5-day moving average, as of 15:00, Lun aluminum reported 1745 US dollars / ton
.
After entering the European session, the dollar rebounded, Lun aluminum weakened, fell below the 5-day moving average low touched 1737.
5 US dollars / ton, as of 17:16, Lun aluminum reported 1739 US dollars / ton, almost erasing the intraday gains
.
In the spot market, aluminum futures maintained range-bound
volatility before noon of the month.
The spot quotation in Shanghai and Wuxi markets is between 14040-14060 yuan / ton, compared with the price of last Friday rose around 20 yuan / ton, the premium of the current month is between 80-100 yuan / ton, Hangzhou spot price transaction is concentrated between
14040-14060 yuan / ton.
Due to the high absolute price of spot, the shippers are more active, and the transaction between small and medium-sized traders is more deadlocked, but a large household purchases nearly 10,000 tons in a day to ease the market transaction pressure
.
Downstream on-demand procurement is the mainstay, because it is difficult to recognize the price, and there is not much
replenishment on Monday.
In the late afternoon, aluminum maintained a narrow range of fluctuations, and the holder's quotation was around 14,040 yuan / ton, and the premium on the plate was about 90 yuan / ton, and only a small number of transactions were made between traders
.
Although the weekly inventory still maintained a decline of 18,000 tons, it still did not give bulls confidence, and the fundamentals of Shanghai aluminum still did not show a clear direction, and the favor of funds continued to decline
.
Shanghai aluminum is expected to run between
the 10-day average and the 5/20-day moving average.
