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Market review, last Friday, the main 1907 contract of Shanghai aluminum rushed back down, Shanghai aluminum 1907 contract traded at 14300-14420 yuan / ton, closed at 14310 yuan / ton, down 0.
28%
on the day.
Position volume 258004, +6494, futures basis +30, +25
from the previous session.
On the industry front, Norwegian metal maker Norsk Hydro said a federal court in Brazil lifted one of two production bans against Alunorte, a key smelter owned by the company, raising the likelihood of a full resumption of production
.
Spot analysis, aluminum futures opened the month volatile and fell
.
In the morning, part of the transaction in Shanghai was around 13450 yuan / ton, a large household only received 10,000 tons in East China, after the start of the second trading stage, the transaction price was between 14310-14330 yuan / ton, the price fell from the previous day around 30 yuan / ton, the flat water ~ premium of the month 10 yuan / ton, Wuxi spot transaction price between 14310-14330 yuan / ton, Hangzhou transaction price between 14320-14340 yuan / ton
.
As the transaction price in East China decreased slightly compared with the previous day, and traders were more optimistic about the future market, the intraday receipt was very active, and the buyers and sellers traded actively
.
Considering the price reduction and weekend stocking, the enthusiasm for intraday procurement has increased
significantly compared with the previous two days.
In terms of inventories, LME aluminum stocks were 1,244,850 tons on May 16, down 5,400 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.
The main 1907 contract of Shanghai aluminum rushed back down during the day, as the decline in the stock market put pressure
on nonferrous metals.
In the spot market, the trading price in East China decreased slightly from the previous day, while traders were more optimistic about the future market, receiving goods very actively during the day, and buyers and sellers traded actively
.
Considering the price reduction and weekend stocking, the enthusiasm for intraday procurement has increased
significantly compared with the previous two days.
On the technical side, the rally slowed down after the aluminum price broke through the previous high, and the resistance increased
.
Operationally, it is recommended that short-term long orders of Shanghai-aluminum 1907 contracts can be considered to continue to reduce holdings
.
