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On Friday, the main force of Shanghai aluminum opened at 14615 yuan / ton in the morning, after the opening of the bears into the suppression of aluminum prices, Shanghai aluminum low touched 14580 yuan / ton, and then encountered strong resistance from bulls, in the afternoon bulls increased positions Shanghai aluminum rebound, the high touched 14695 yuan / ton, the end of the session part of the short profit settled at 14650 yuan / ton
.
The main contract position of Shanghai aluminum decreased by 9716 lots to 233572 lots, and the position of Shanghai aluminum index increased by 8232 lots to 670400 lots
.
In the short term, the price of alumina has fallen slightly, the cost support has weakened, and the center of gravity of the Shanghai aluminum operating range has shifted
downward.
Coupled with the convergence of the upper 20/10/5 daily moving average, in the absence of significant bullish themes in the short term, it is expected that the Shanghai aluminum shock will run between
the 40/20 daily moving average.
In terms of the external market, Lun aluminum opened at 2297.
5 US dollars / ton in the morning, after the opening of the bill, the bulls tried to rush high to get rid of the moving average entanglement, the high touched 2305 US dollars / ton, after entering the Asian session, Lun aluminum quickly fell back with Shanghai aluminum, in the afternoon Lun aluminum with the domestic Shanghai aluminum rise again try to break through, after entering the European session, the bears Li Lun aluminum fell into the average entanglement again, the low touched 2281.
5 US dollars / ton, as of 17:20 Lun aluminum reported 2285 US dollars / ton
。 With the gradual decline of overseas alumina prices, it is difficult for London Aluminum to form a substantial upward breakthrough, pay attention to the development process of the US trade war, and it is expected that before the outbreak of no new trade war conflict, London Aluminum will continue to maintain a 10/20 range shock
.
In terms of the market, aluminum futures fluctuated before
noon that month.
Shanghai transaction concentration is 14500~14520 yuan / ton, the discount for the month is 40~30 yuan / ton, Wuxi transaction concentration is 14500~14520 yuan / ton, Hangzhou transaction concentration is 14520~14540 yuan / ton
.
Spot prices fell sharply, the discount was further narrowed, the holders shipped positively, but they were still quite discounted prices, and the downstream enterprises stocked the weekend on weekends, and the overall transaction was acceptable
.
In the late afternoon, aluminum rose in the month, and the transaction price in East China was 14550~14580 yuan / ton
.
In terms of inventory, the aluminum inventory in the last period reached nearly one million tons in mid-April, and the social inventory of aluminum ingots reached a peak of 2.
248 million tons, both refreshing the highest in history; although domestic aluminum stocks have declined since May, the total inventory is still at a historical high, and the market demand is not as expected to increase the probability of aluminum prices falling, and it is expected that Shanghai aluminum is weak and spot aluminum prices will fall
slightly.
In the future, the meeting between the United States and North Korea finalized that the US dollar index was boosted and put pressure on the metal market, and the decline in the cost of electrolytic aluminum weakened the support for aluminum prices, and aluminum prices fell under pressure this week
.
Sino-US trade frictions have rekindled, market risk aversion has heated up, domestic aluminum ingot inventories are still at a historical high, increasing the probability of aluminum prices downward, and it is expected that spot aluminum prices may fluctuate
weakly next week.
