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LME aluminum oscillated on Wednesday, as of 15:00 Beijing time, 3-month Lun aluminum was reported at $1757.
5 / ton, down 0.
14%
on a daily basis.
The main 1910 contract of Shanghai aluminum continued to rise, with the highest 14350 yuan / ton and the lowest 14235 yuan / ton during the day, closing at 14290 yuan / ton, up 0.
28% from the closing price of the previous trading day; The trading volume was 132,800 lots, an increase of 15,148 lots per day, and the position was 326,300 lots, an increase of 7,226 lots
per day.
The basis was expanded to 50 yuan/ton; The price difference between Shanghai aluminum from 1910 to 1911 widened to 25 yuan / ton
.
Market Focus: U.
S.
President Donald Trump again slammed the Federal Reserve on Tuesday, saying it liked to see manufacturers struggling with exports and saying the Fed had misjudged the situation for too long
.
Spot analysis: On August 28, the spot A00 aluminum quotation was 14320-14360 yuan / ton, and the average price was 14340 yuan / ton, up 70 yuan / ton
from the previous trading day.
The supply of goods in the intraday market is relatively sufficient, because the aluminum price has risen for two consecutive days, the holders have been actively shipping at high prices, the willingness of middlemen to receive goods is obvious, and the trading of buyers and sellers is
acceptable.
The downstream is still dominated by on-demand procurement, and there are no bright spots
in the flat delivery.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 143574 tons on Wednesday, a daily decrease of 827 tons; On August 27, LME aluminum stocks were 929125 tons, down 6,075 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 1910 contract 103578 lots, an increase of 709 lots per day, a short position of 121341 lots, a daily increase of 1332 lots, a net short position of 17763 lots, a daily increase of 623 lots, both long and short increases, net short increases
.
On August 28, the main 1910 contract of Shanghai aluminum continued to rise
.
China and the United States may restart negotiations to ease some of the market's worries, coupled with upstream alumina production cuts, price recovery, and midstream electrolytic aluminum inventory decomposition, which supports aluminum prices, but China takes a tough attitude towards pressure on the United States, and there are still differences between China and the United States, which has put some pressure
on aluminum prices.
In terms of spot, the market supply is relatively sufficient, because the aluminum price has risen for two consecutive days, the holders are actively shipping at high prices, the willingness of middlemen to receive goods is obvious, and the trading of buyers and sellers is
acceptable.
The downstream is still dominated by on-demand procurement, and there are no bright spots
in the flat delivery.
Technically, the main 1910 contract of Shanghai aluminum focuses on the support of the 14200 position below, and it is expected that the short-term shock will be strong
.
