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On Tuesday, the main contract of Shanghai aluminum 1804 contract bottomed out, partially reducing the intraday decline, intraday trading at 14160-14320 yuan / ton, the end of the day closed at 14285 yuan / ton, a slight decline of 0.
07%, weaker than other base metals, highlighting the lack of internal upward momentum of aluminum prices
.
Shanghai aluminum continued the positive arrangement of near low and far high, of which the positive price difference between Shanghai aluminum 1804 contract and 1805 contract remained at 85 yuan / ton
.
In terms of the external market, Asian Lun aluminum rushed back down, showing that the upper selling pressure is heavier, of which the 3-month Lun aluminum traded at 2155-2141 US dollars / ton, now closed at 2145 US dollars / ton, up slightly 0.
28% per day, currently running below the main moving average group, showing that the upper selling pressure is heavier, and the lower support is concerned about 2100 US dollars / ton
.
In terms of the market, on February 27, Shanghai aluminum trading concentrated 13970-14020 yuan / ton, the discount for the month was 200-180 yuan / ton, Wuxi trading concentrated 13970-14020 yuan / ton, the mainstream transaction price in the market was 13970-13990 yuan, and after 11 o'clock the market price rose rapidly to a high of 14020 yuan / ton, while the end of the session price declined; Hangzhou transaction concentration of 13950-13970 yuan / ton
.
Holders believe that the price difference has room for further narrowing, so it shows a certain selling atmosphere, the market circulation of goods remains tight, large traders receive goods, thereby promoting the further narrowing of spot discounts, Hangzhou area holders in the futures aluminum after the rise of the sale of sales, the transaction price stopped at a lower position, the overall transaction is more active
.
On the macro front, copper prices fell slightly as China's official manufacturing PMI fell to 51.
2% month-on-month in February, but downstream consumption gradually recovered after the holiday in China, and the market trend was relatively stable
.
As investors await the first congressional testimony of the new Fed Chairman Jerome Powell, in the hope of finding clues about the pace of future monetary policy tightening, copper prices may continue to be volatile and strong
.
In terms of industry, on February 26, SMM statistics domestic electrolytic aluminum social inventory (including SHFE warehouse receipts): the total inventory of aluminum ingots in the eight mainstream consumption places totaled 2.
071 million tons, an increase of 112,000 tons
from last Thursday.
During the day, Shanghai aluminum 1804 oscillated to 14285 yuan / ton
.
After the short-term aluminum price continued to fall, it faced the demand for over-fall rebound, but as domestic inventories continued to reach new highs, supply pressure increased, and the height of aluminum price rebound was limited, it is recommended that the Shanghai aluminum 1804 contract can be sold high and low in the range of 14300-14600 yuan, with a stop loss of 100 yuan / ton
each.
