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On Monday, Shanghai aluminum opened at 13840 yuan / ton in the morning, the price of aluminum fluctuated in a narrow range at the beginning of the session, and then Shanghai aluminum opened a stepped downward trend, during which the bulls tried several times to prevent the decline unsuccessfully, Shanghai aluminum low touched 13720 yuan / ton, and the end of the session closed at 13745 yuan / ton
.
The intraday long and short game is extremely intense, the bulls are actively entering the tray at a low level, and the short positions are significantly moved back, and if there is no sudden bullish news in the short term, the weak trend of Shanghai aluminum may be difficult to reverse
.
In terms of external trading, in the morning, Lun aluminum opened at 1931.
5 US dollars / ton, the center of gravity of London aluminum trading slowly moved down before the afternoon of the Asian market, and then ran steadily at the 40-day line, in the afternoon, Lun aluminum slightly bottomed out at 1920 US dollars / ton and then rose sharply, the high touched the 1932 US dollars / ton line, entering the European trading session, the high level of Lun aluminum fell rapidly, the low fell through the middle band of the Bollinger band coincided with the 20-day line to test support, recorded 1915.
5 US dollars / ton, as of 16:52 Lun aluminum reported 1920 US dollars / ton, short positions increased, Lun aluminum successively recorded a strong lower shadow, the bottom support of each moving average is obvious, but the upper 5-day moving average pressure is also strong, the Lun aluminum oscillation range gradually narrowed, continue to pay attention to the effectiveness of
the 20-day support.
On the macro front, oil prices fell more than 1 percent on Friday, recording a second straight week of decline, as investors worried that U.
S.
President Donald Trump's withdrawal from the Paris climate accord could accelerate U.
S.
crude oil production growth and further increase
supply in the global oil market.
Market analysts are worried about increased U.
S.
crude production, offsetting OPEC's efforts to
reduce the global supply glut.
Gold rose to a six-week high on Friday after disappointing U.
S.
employment data weighed on the dollar and cooled expectations of more aggressive interest rate hikes in the U.
S.
this year
.
The slowdown in the recovery of the US economy has reduced the possibility of
interest rate hikes.
In terms of the market, the market circulation of goods increased, but due to the high price of traders' long orders, so the holders showed a certain willingness to hold the price, the middlemen speculated more cautiously, the high level of aluminum fell back, downstream enterprises wait-and-see sentiment breeded, the overall transaction showed Monday wait-and-see characteristics
.
In the late afternoon, aluminum fell to around 13680 yuan / ton in the month, and the holders posted orders, and the transaction price was concentrated at 13610-13630 yuan / ton, and some traders bought it at the bottom
.
Intraday Shanghai aluminum main force 1707 contract shock down, 14000 pressure weakened, the end of the market closed at 13745 trend to see, aluminum prices will continue to fall in the short term, 14000 is the main pressure in the medium term, maintain short thinking
.
