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On Wednesday, the main contract of Shanghai aluminum 2001 opened at 13775 yuan / ton
in the morning.
After the opening, the bears increased their positions to pressure the aluminum price, Shanghai aluminum fell rapidly, some short-term positions after profit exit, the short continued to pressure before the afternoon, and the low of Shanghai aluminum touched 13705 yuan / ton
.
The low led to the entry of bulls, the long-short game intensified, Shanghai aluminum maintained a narrow range of oscillation, the end of the short profit exit, Shanghai aluminum rose slightly to close at 13735 yuan / ton
.
In terms of external trading, Lun aluminum opened at the 60-day moving average of 1760 US dollars / ton
in the morning.
During the Asian session, Lun aluminum maintained a range fluctuation near the 60-day moving average, and the overall trend of first suppressing and then rising, and the center of gravity continued to rise
after the low level of London aluminum touched 1755 US dollars / ton in the afternoon.
As of 15:00, Lun aluminum was trading at $1759.
5 / ton
.
During the European session, Lun Aluminum tried to extend the rally on the eve of the previous day, pulling sharply higher, touching a high of $1767.
5 / ton, close to the upper 20-day moving average
.
Then quickly fluctuated back down, as of 17:33, Lun aluminum reported 1759 US dollars / ton
.
In the spot market, aluminum futures sank in the morning of the month and maintained range-bound
volatility before noon.
Shanghai and Wuxi market spot quotation concentrated between 13940-13950 yuan / ton, compared with the previous day down more than 30 yuan / ton, the current month plate premium between 70-90 yuan / ton, the difference between the lower yue piao price and the current month price is within 20 yuan / ton, Hangzhou spot price transaction concentrated between 13990-14010 yuan / ton, Hangzhou area when yue piao goods are slightly tight, the price is relatively firm
.
The spot price in East China continued to fall during the day, the willingness of holders to ship increased, the middlemen received goods more actively, and the trading between the two sides was more active
.
Aluminum continued to fluctuate slightly in the late afternoon, and the holder's quotation was between 13930-13940 yuan / ton, and the premium on the plate was around 70 yuan / ton, and the afternoon market was light and there was almost no transaction
.
At present, the fundamentals of domestic electrolytic aluminum still maintain the long-term short expectation of long-term cost decline and increase in operating capacity, which has been continuously destocked to make the expectation continue to move back, and the narrowing of inventory decline on Monday this week has slightly reduced confidence in many parties
.
Continue to pay attention to social aluminum ingot inventory, if the decline in inventory continues to narrow or turn to increase, it means that the expected bearish factors are being realized, otherwise Shanghai aluminum will still maintain segment volatility
.
