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On Wednesday, the actual consumption of the downstream of the domestic aluminum market rose, and the implementation of the captive power plant policy had a substantial impact
on aluminum supply.
The Shanghai aluminum main 1806 contract fell from the high in the morning, fell to around 14300 yuan during the session, and rebounded slightly before the close, closing at 14375 yuan, up 35 yuan, or 0.
24%.
Index holdings increased by 24,614 lots to 809,000 lots, and the volume amplified to 607,000 lots
.
In the external market, the impact of Rusal by US sanctions and restrictions on the London Exchange continued, and the trend of Lun Aluminum was weak in the morning and quickly climbed
in the afternoon.
The LME aluminum March contract opened higher at $2,217 in the morning and then launched a slight correction, the price fell to $2,200 and stabilized, and the price rose sharply to $2,245 in the afternoon, and finally closed at $2,241, up $30, or 1.
36%.
Spot market: Shanghai nonferrous metal trading center electrolytic aluminum price quotation 14200-14240 yuan / ton, up 20 yuan / ton from the previous trading day, spot discount narrowed to C80-C40 yuan / ton, the morning aluminum price opened high after a sharp fall, middlemen began to price shipments, discount narrowed again, but the market willingness to receive goods has fallen, quotations are slightly deadlocked, the overall market trading is general
.
The spot premium is a barometer
of aluminum ingot consumption.
Since entering March, especially recently, aluminum ingot spot discount gradually narrowed, the current aluminum ingot spot discount is around 40-50 yuan / ton, if the later aluminum ingot consumption warms, aluminum ingot inventory continues to decline, then aluminum ingot spot discount is expected to turn into premium, then Shanghai aluminum futures plate monthly spread structure will show near strength far weak pattern
.
In terms of news, Matt Chamberlain, CEO of the London Metal Exchange (LME), said that the LME will temporarily not be listed on the list of approved brands from April 17, and Lun aluminum continues to rise; Domestically, due to the increase in the cost of aluminum enterprises, aluminum prices have temporarily been supported to follow the rise
in the external market.
However, the overall inventory pressure is still there, and in the future, with the full liberalization of aluminum enterprises, oversupply concerns still exist, which will put greater pressure
on aluminum prices.
Technically, the main KDJ golden fork and MACD golden cross of Shanghai aluminum have rebound demand for short-term price trends, and the market can be dominated
by high short operation.
