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Shanghai aluminum opened at 13860 yuan / ton on Wednesday morning, after the opening of the downward tone, short into the long flat, aluminum price shock down directly pierced the 10-day moving average, the afternoon low touched 13485 yuan / ton, bulls low entry pushed up aluminum prices to repair part of the decline, narrow range oscillation at 13600 yuan / ton line and closed at this point
.
The volume decreased to 431322 lots, and the open position decreased by 828 lots to 217268 lots
.
The market atmosphere is bearish, the short-term Shanghai aluminum pullback momentum is difficult to stop, and the 20-day line is effectively supported
below.
In terms of external trading, Lun aluminum opened at 1731.
5 US dollars / ton in the morning, and Lun aluminum followed the domestic Shanghai aluminum trend during the Asian session, all the way to the downward low touched 1711.
5 US dollars / ton, entering the European trading session, Lun aluminum touched the daily average several times but encountered strong resistance and returned without success, narrow range oscillation below the daily moving average, as of 17:23, Lun aluminum 1714 US dollars / ton, the current Lun aluminum trend and dollar crude oil correlation is not much, pay attention to the domestic Shanghai aluminum trend, below pay attention to the 20-day moving average support
.
In terms of the market, the aluminum futures changed to the 1612 contract in the month, and the overall decline before the afternoon, and the intraday high fell back
.
Shanghai trading concentrated 14600-14610 yuan / ton, mid-session aluminum from 14100 yuan / ton rushed to around 14200 yuan / ton, spot premium 430-440 yuan / ton, the subsequent high level of aluminum fell back to 14070 yuan / ton, but the spot transaction price did not change, spot premium 530-540 yuan / ton, Wuxi transaction concentration 14580-14610 yuan / ton, Hangzhou transaction concentration 14620-14640 yuan / ton
。 Aluminum futures continued to decline, holders feared the fall mentality, the willingness to exchange cash strengthened, intermediaries slightly low to replenish inventory, spot prices fell by 500 yuan / ton compared with yesterday, downstream enterprises inquired positively, but aluminum downward downstream cautious wait-and-see, only a small amount of goods at the low
.
In the late afternoon, aluminum fluctuated downward in a wide range of the month, and the holders continued to sell goods, and Wuxi quotations were lowered all the way, as low as 14540 yuan / ton, the market had a bearish atmosphere, and there was almost no transaction
.
In terms of inventory, Lun aluminum stocks surged by 61,500 metric tons to about 2.
16 million on Tuesday, hitting a four-week high; at the same time, domestic aluminum ingot social inventories continued to increase slightly, and the decline in global inventories changed
.
Although the domestic spot premium remained at a high level of more than 400 yuan after the month change, the new supply of goods in various places has intensified significantly recently, and it is difficult for traders to lower their quotations and ship for cash
.
Supply recovery and spot inventory increase, the overall fundamentals are gradually deteriorating, aluminum prices will continue to come under pressure
in the later stage.
