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On Monday, the Shanghai aluminum main 1805 contract opened higher in the morning at 14310 yuan after the price fell under pressure, fell to 14085 yuan in the session and rose at the end of the day, closing at 14200 yuan, up 195 yuan, or 1.
39%.
Index holdings decreased by 2,392 lots to 770,000 lots, and the volume amplified to 456,000 lots
.
Externally, the LME aluminum March contract fell back after rising $2,000 in the morning, falling to a low of $1,987 before closing, and finally closing at $1,989, down $9, or 0.
45%.
On the news front, oil prices fell about 2 percent on Friday after U.
S.
President Donald Trump threatened to impose tariffs on more Chinese goods, reigniting fears that
a trade war between the world's two largest economies could hurt global growth.
China's Ministry of Commerce spokesman Gao Feng said that if the US side announces the list of new $100 billion taxed products, we will not hesitate to immediately launch a vigorous counterattack
.
He ruled out the possibility
of consultations between China and the United States in this case.
The dollar's decline accelerated
after China's warning.
In terms of the market, the price quotation of electrolytic aluminum in Shanghai Nonferrous Metals Trading Center was 14060-14100 yuan / ton, up 90 yuan / ton from the previous trading day, the spot discount was reported to C60-C20 yuan / ton, the morning aluminum price pullback, middlemen continued to hold up the price of shipments, the willingness to receive goods after the holiday was maintained, traders were looking for low-priced sources, and the overall trading of the market was
acceptable.
In terms of inventory, last week's aluminum inventory fell for the first time in more than nine months, coupled with the introduction of the previous self-owned power plant rectification plan, which increased the cost of aluminum companies, and aluminum prices were temporarily supported to form a phased rebound
.
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.
Trump's tone slowed down the trade war to boost it, and on the first trading day after the holiday, Shanghai aluminum was in full swing, and then recovered some of its gains, but it rose again at the end of the day; Technically, aside from the trade war, the short-term aluminum price upward trend remains unchanged, but there are still uncertainties in the trade war, so it is not recommended to chase higher, and the main force of Shanghai aluminum focuses on the pressure level
of the 14,500 mark.
