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Market review, the main contract of Shanghai aluminum continued to be strong on Monday, and the Shanghai aluminum 1906 contract traded at 14140-14240 yuan / ton within the day, closing at 14225 yuan / ton, up 0.
85%
on the day.
Position volume 218556,-5198; futures basis +35, +35
from the previous session.
In terms of industry, the recent Shanxi environmental protection inspection, some alumina plants were ordered to reduce production, based on the new production reduction, SMM revised the balance in May, and it is expected that China's alumina production in May (31 days) will be 5.
973 million tons, and the monthly surplus has narrowed sharply to around 150,000 tons, which is the lowest month
of surplus since December 2018.
In terms of the market, the opening of the month was mainly
range-bound.
Shanghai spot trading price is between 14220~14240 yuan / ton, an increase of more than 60 yuan / ton from last Friday, the premium of the current month is 10~20 yuan / ton, Wuxi spot trading price is between 14220~14240 yuan / ton, Hangzhou transaction price is between
14240~14260 yuan / ton.
Due to the inversion of aluminum in the future, the superimposed spot is stronger, the willingness of the shippers is higher, there are more shippers, the market supply is sufficient, although a large household continues to purchase in East China, but in comparison, the shippers are still slightly more than the receivers, and the trading between traders and middlemen is more active
.
Due to the rise in aluminum prices for several consecutive days, and the lower aluminum price next month than this month when it is close to delivery, the downstream performance is wait-and-see, the overall on-demand procurement, and the receipt of goods is flat
.
The overall transaction in East China is average
.
In terms of inventories, LME aluminum stocks were 1,266,575 tons on May 10, down 7,875 tons from the previous session; As of May 10, 2019, electrolytic aluminum stocks on the Shanghai Futures Exchange were 601,362 tons, down 20,545 tons
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.
During the day, the main 1906 contract of Shanghai aluminum continued to be strong, as some alumina in Shanxi was required to limit production and alumina prices further strengthened, supporting the upward
trend of aluminum prices.
In the spot market, due to the inversion of aluminum in the future, the superimposed spot is stronger, the willingness of the holders to ship is higher, there are more intraday shipments, the market supply is sufficient, although a large household continues to purchase in East China, but in comparison, the shippers are still slightly more than the receivers, and traders and middlemen are more active
.
Due to the rise in aluminum prices for several consecutive days, and the lower aluminum price next month than this month when it is close to delivery, the downstream performance is wait-and-see, the overall on-demand procurement, and the receipt of goods is flat
.
On the technical side, the MACD indicator showed repeats, and aluminum prices once again tested resistance near the previous high
.
