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On Monday, the main contract of Shanghai aluminum opened at 13765 yuan / ton
at 1911.
After the opening of Shanghai aluminum, the bears took profits in stages, and some short and many took advantage of the trend to follow, and Shanghai aluminum quickly touched 13810 yuan / ton, and has not yet touched the upper 5-day moving average
.
The high level led to the continued influx of bears, and Shanghai aluminum fell rapidly, touching 13720 yuan / ton at a low level, and Shanghai aluminum maintained a low level of volatility
before noon.
In the afternoon, the long and short positions were closed one after another, and the Shanghai aluminum shock rebound closed at 13755 yuan / ton
.
In terms of external trading, Lun aluminum opened at 1724.
5 US dollars / ton
in the morning.
During the Asian session, London aluminum maintained a narrow range of volatility before noon, running above 1720 US dollars / ton, and Lun aluminum weakened at the end of the Asian session, touching 1719.
5 US dollars / ton at a low level, and as of 15:00 Lun aluminum was reported at 1721.
5 US dollars / ton
.
After entering the European session, the daily moving average above Lun aluminum was under pressure, and the center of gravity of operation shifted downward, and the LME inventory reported that Lun aluminum increased by another 9400 tons, so Lun aluminum tested 1719.
5 US dollars / ton several times, and as of 16:50 Lun aluminum reported 1722.
5 US dollars / ton
.
Due to the strengthening of the US index, the overall diving of non-ferrous metals turned negative in the afternoon, and it is expected that Lun Aluminum will continue to maintain a low oscillation
below the 10-day moving average.
In the spot market, aluminum fluctuated lower
before noon of the month.
The spot trading price in Shanghai Wuxi market is mostly concentrated between 13780-13800 yuan / ton, the opposite plate premium is around 10-30 yuan / ton, the price is nearly 180 yuan / ton lower than last Friday's price, Hangzhou price is between
13800-13820 yuan / ton.
It is understood that the price difference between the current month and the next month on Friday was around 80 yuan / ton, and the monthly difference narrowed to around 20 yuan / ton, because there are certain expectations for the future premium superimposed on the spot price decline of more than 100, the middleman receives goods at a low level is very positive, a large household receives goods normally, but the carrier shipments are relatively small, and the overall performance is less than more but the transaction is acceptable
.
Downstream manufacturers consider that the price is more preferential than last Friday, and there is a small amount of replenishment within the day, but because there is still a wait-and-see attitude towards future prices, the downstream as a whole still needs to take goods
.
In the late afternoon, aluminum maintained range fluctuations, a small number of holders quoted around 13790-13800 yuan / ton, the flat water on the plate to around 10 yuan / ton, only a small number of traders traded
.
At present, Shanghai aluminum continues to face the problems
of stable fundamentals at this stage, unclear future expectations on the consumer side, and increased pressure on the supply side.
It is expected that Shanghai aluminum from the previous consumption recovery to supply pressure increase, there is a large gap, but at the same time, it should be noted that the current domestic electrolytic aluminum consumption is still relatively stable, intraday electrolytic aluminum inventory continued to decline by 32,000 tons, still need to give electrolytic aluminum a certain profit margin, should not be overly bearish
.
It is expected that Shanghai aluminum will remain weak and volatile
.
