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At the beginning of this week, the Shanghai aluminum index was affected by the sharp increase in LME inventory, the market was worried about supply pressure, once fell to a minimum of 13995 yuan, after which the market rumored that Xinfa, Weiqiao and other areas removed illegal production capacity, the aluminum market began a sharp rise journey, to Friday overnight once rushed up to 14520 yuan, but affected by the black adjustment, the price rushed back down
.
This week's report closed at 14370 yuan, up 165 yuan, or 1.
16%.
In terms of external trading, this week's LME March aluminum by the inventory surge and consumption off-season, the price fell all the way to $1881.
5 throughout the week, Thursday by the domestic supply-side reform news stimulated, fund buying into the market long, aluminum prices once rose to the weekly high of $1943, then under pressure to fall, Friday prices continued to rise
slightly.
By the time of writing, it closed at $1929, down $2, or -0.
10%
for the week.
In terms of the market, this week continues to be affected by off-season factors, the overall trading situation is general, and the downstream on-demand receiving is the mainstay
.
On Tuesday, the holders began to ship at high prices, and in the afternoon, the enthusiasm of middlemen and downstream receiving goods increased, but mainly delivery warehouse receipts, and on Wednesday, middlemen were once bullish after the market pressed down prices to receive a large number of goods
.
On Friday, aluminum prices jumped sharply to 14,200 yuan / ton, holders shipped positively, with the late afternoon aluminum prices lowered, have been larger than the average price of the Yangtze River shipments, middlemen and downstream demand is sluggish, market transactions are quiet
.
In terms of news, this week's illegal production capacity shutdown in Shandong continued to ferment, in the context of the black rise, bulls are still confident in the future market, once went against the trend on Friday, the current main contract position exceeded 300,000 lots, driven by funds more obviously
.
However, at present, the high level of long and short divergence is fierce, the fundamental and policy game is still continuing, the domestic social inventory in 5 places increased by 30,000 tons, the pressure of fundamentals should not be underestimated, or will limit the Shanghai aluminum to continue to rise
.
From a technical point of view, the Shanghai aluminum index rebounded after stepping back on the 20-week moving average, and the support below was more effective, the KDJ gold cross diverged, and the MACD was about to be a golden cross
.
On the daily K, MACD golden cross but insufficient upward momentum, KDJ dead cross showed signs of top divergence, the previous high of 14500 yuan at the pressure is greater, short-term price may fall back to near
the 5-day moving average.
