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On the last trading day before the holiday, the main contract of Shanghai aluminum opened at 14370 yuan / ton in the morning, and the aluminum price smoothly fell below the 5-day moving average before noon, and the center of gravity fluctuated in a narrow range to the 10-day moving average of 14300 yuan / ton, and the bears entered the market strongly in the afternoon to put pressure, forcing the bulls to stop the loss and leave the market, and the aluminum price fell sharply to the low level of 14075 yuan / ton, recording a new low since June 2017, closing at 14105 yuan / ton, and the Shanghai aluminum index position decreased by 4802 hands to 763128 lots
.
In terms of the external market, the morning Lun aluminum opened at 2133.
5 US dollars / ton, the Asian market before the afternoon Lun aluminum trend is light, around the daily moving average narrow range oscillation, the operating range of 2133 ~ 2145 US dollars / ton, the afternoon by the Shanghai aluminum sharp leakage dragged down, Lun aluminum shock downward low touched 2126.
5 US dollars / ton, into the European trading session, the dollar fell, Lun aluminum low level rebounded, as of 15:13, Lun aluminum reported 2133.
5 US dollars / ton, and then entered the Chinese Spring Festival holiday, in the context of no Chinese market guidance, Continue to pay attention to whether Lun aluminum can effectively break through the pressure
of the upper moving average.
In terms of the market, on the last trading day before the holiday, the transaction price in Shanghai before the afternoon was 14000-14020 yuan / ton, the discount for the month was 220-210 yuan / ton, the transaction price in Wuxi was 14000-14020 yuan / ton, the transaction price in Hangzhou was 14020-14040 yuan / ton, the last day before the Spring Festival holiday, there were very few market participants, the transaction showed the pre-holiday atmosphere, very cold, and no transaction
in the afternoon.
The reasons for the continued leakage of aluminum prices are more obvious, first, aluminum ingot and aluminum rod inventories are still continuing to refresh historical highs, second, the cost of electrolytic aluminum after the holiday still has room to move down, the logic of short entry has not changed, after the holiday, you need to pay attention to the absolute value of inventory increment and alumina price changes, it is expected that aluminum prices still need to fall to the cost safety margin near the stability of the line, but during the Spring Festival still need to pay attention to the trend
of aluminum aluminum.
