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On Tuesday, the price of the main 1711 contract of Shanghai aluminum immediately soared to 16,640 yuan after the opening, and the price fluctuated at a high level in the afternoon, and fell under pressure before the close, and finally closed at 16,490 yuan, up 215 yuan, or 1.
32%.
Index holdings increased by 38,634 lots to 967,000 lots, and the trading volume amplified to 870,000 lots
.
Externally, the LME aluminum March contract opened slightly lower to $2,094, then the price fluctuated to $2,113 and then came under pressure, and fell above $2,100 after running high, closing at $2,103.
5, up $11.
5, or 0.
55%,
as of the Asian market close.
In terms of the market, the trading level of the mainstream trading period of the spot market is weak, the quotation of the Yangtze River remains firm, the holders adjust the price to report a large discount to sell, the spot aluminum premium fell to C220-C180 yuan / ton, the basis expanded and the middlemen entered the market to do arbitrage operations, but the downstream buying was not good, and the overall buying situation continued to be weaker than the overall level
last week.
In terms of news, the resumption of production and increase in production of mines at home and abroad are less than expected, the tight supply of zinc concentrate throughout the year is a high probability event, the growth rate of zinc ingot production is limited, the social zinc ingot inventory continues to decline, and the tight supply supports the rise of zinc prices
.
Tianjin issued the "2017-2018 Autumn and Winter Air Pollution Comprehensive Control Action Plan", proposing that from October 2017 to March 2018, the comprehensive treatment of pollution sources will be increased, the environmental protection in the autumn and winter heating season will become stricter, the downstream demand will weaken, and the rebound height of non-ferrous metals is expected to be limited, or maintain the trend of range shock
finishing.
In terms of inventory, China's primary aluminum production in August fell 3.
7% year-on-year to 2.
64 million tons, hitting a new low since August 2016, but in the short term there are still repeats, SMM 18 statistics of inventory increased again by 02,000 tons compared with last week, inventory continued to rise caused market concerns, intraday spot aluminum discount further expanded, aluminum market is difficult to effectively break through the previous high in the near future, it is expected that short-term Shanghai aluminum will remain above 16,000 yuan shock
.
During the day, the overall industrial products of the domestic futures market continued to fluctuate, the black series fell again, dragged down the pace of non-ferrous metals rebound, and the performance of Shanghai aluminum continued to be strong, rushing back down, maintaining a strong consolidation
around 16,000.
Aluminum price material is weak sideways, for reference
only.
