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On Tuesday, the main 1804 contract of Shanghai aluminum maintained volatility in the morning, and aluminum prices began to rise in the afternoon, rising to a high of 14515 yuan after being under pressure, falling back to 14415 yuan and stabilizing, closing at 14440 yuan, up 90 yuan, or 0.
63%.
Index holdings decreased by 8,040 lots to 788,000 lots, and the trading volume expanded to 553,000 lots
.
In terms of external trading, the LME aluminum March contract opened slightly higher at $2151, and then the price came under pressure, to a low of $2142.
5 in a narrow range, and the price rose sharply to $2157 in the afternoon and then came under pressure again, closing at $2148.
5, up $2, or 0.
09%.
In terms of the market, the price quotation of electrolytic aluminum in Shanghai Nonferrous Metals Trading Center was 14060-14100 yuan / ton, up 120 yuan / ton from the previous trading day, the spot discount narrowed slightly to C130-C90 yuan / ton, the spot aluminum price rebounded slightly, the spot premium narrowed and the market shipments increased, the holders continued to raise the price, the middleman was willing to accept the goods at a low price, but the overall trading situation was general
.
Market News:
1.
Foreign media news: Malaysia has extended its bauxite mining ban because it is still dealing with uncleared stockpiles, even though the country has suspended mining activities for more than two years
.
2.
The US president wants to use the global tariffs on steel and aluminum as a bargaining chip to pressure Canada and Mexico, which are renegotiating NAFTA with the United States; Trump also tweeted that "trade wars are good and easy to win.
"
In terms of news, Ning Jizhe, deputy director of the National Development and Reform Commission, answered a reporter's question that he would continue to reduce aluminum production capacity, triggering the market's reverie about the aluminum price after the market, the price rose sharply in the afternoon and led the rise of non-ferrous metals, the market is still waiting for the recovery of demand, short-term in the news stimulated or strong operation, but the overall fundamentals are weak, the probability of Shanghai aluminum maintaining volatility is greater
.
On the technical side, the main KDJ golden cross and MACD golden cross of Shanghai aluminum temporarily stand on the short-term moving average, but the upper side is still facing pressure of 14550 yuan
.
