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Thursday morning Shanghai aluminum 1804 contract opened at 14295 yuan / ton, because the overnight aluminum price in the base metal performance is better, so the enthusiasm of the bulls in the day to enter the market is significantly improved, pushing up Shanghai aluminum once touched 14465 yuan / ton, touching the 10-day moving average, but the 5/10 daily moving average resistance is still strong in the short term, and the short-term fundamentals of Shanghai aluminum have not improved, so it has attracted more short funds to open positions at a high level, aluminum prices under pressure quickly fell back to the low once touched 14260 yuan / ton, and some short-term bears left the market at the end of the session.
Shanghai aluminum closed at 14290 yuan / ton
.
It is expected that the short-term long-short game will intensify, the trend of bears destroying and decaying will be suspended, and the short-term will continue to pay attention to the virtual reality of the upper moving average resistance, and the downward space of aluminum prices in the medium term is limited, but it is still necessary to pay attention to the dynamic changes in costs
.
In terms of the external market, in the morning, Lun aluminum opened at 2163 US dollars / ton, the initial volume followed the domestic market to touch 2172.
5 US dollars / ton, the high level is difficult to continue to open the downward mode, into the European trading session, Lun aluminum continued to inertia down, the low once touched 2148 US dollars / ton, but the 60-day line obviously showed strong support, low buying force is sufficient, Lun aluminum quickly recovered the decline and turned red, as of 18:06 Lun aluminum reported 2165 US dollars / ton, pay attention to the UK interest rate decision and inflation report, Lun aluminum is expected to remain firm
.
In terms of the market, the Shanghai transaction concentration was 14130-14150 yuan / ton before the afternoon, the discount for the month was 130-110 yuan / ton, the Wuxi transaction concentration was 14130-14150 yuan / ton, and the Hangzhou transaction concentration was 14100-14110 yuan / ton
.
With the rise of aluminum in the future, the price of holders is reluctant to sell, Hangzhou area only the previous low when there are shipments, after the price rises, the holders stop shipping, middlemen inquiry willingness to receive goods increases, downstream enterprises stocking into the end, procurement volume declined, the overall transaction showed an abnormal recovery, mainly from the contribution
of traders.
In the late afternoon, aluminum fell back in the month, and the market traded 14040-14050 yuan / ton, and the discount for the month was 110-100 yuan / ton
.
In terms of inventory, during the day, the inventory of aluminum warehouse receipts in the previous period was 35,309 tons, an increase of 6,282 tons
over the previous trading day.
As of Feb.
7, LME aluminium stocks stood at 1059875 tonnes, down 6,350 tonnes
from the previous session.
Industry information, Indonesian miner Antam Bauxite Company in 2017 bauxite production increased by 192% year-on-year to 705322 tons
.
Antam bauxite sales increased 181% year-on-year to 838069 tonnes in 2017, compared to 298012 tonnes
in the same period in 2016.
Due to Indonesia's relaxation of the ban on bauxite exports in January 2017, the company's bauxite exports were mainly exported to China
in the second half of last year.
On the whole, the current inventory continues to refresh the historical high and there is new capacity launched, aluminum prices will be under pressure, natural gas supply is tight again, or aluminum prices are supported
.
Technically, the moving average system bears arranged, MACD indicators diverged downward, it is expected that the main shock of Shanghai aluminum is weak, pay attention to the support of 14000, for reference
only.
