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On Thursday, the Shanghai aluminum main 1805 contract rebounded from the overnight low of 13870 yuan in the morning, rushed up to 14020 yuan before the afternoon, and hit 14020 yuan again in the afternoon, falling slightly before closing, closing at 13995 yuan, up 70 yuan, or 0.
50%.
Index holdings decreased by 19,646 lots to 820,000 lots, and trading volume shrank to 375,000 lots
.
In terms of external flatness, the LME aluminum March contract continued to maintain a volatile trend, the price opened slightly higher and then pulled back to $2088, and then maintained range-bound volatility, rising to a high of $2097.
5 before the Asian market closed, and closing at $2091, up $1.
5, or 0.
07%.
In terms of the market, the spot transaction price of Yangtze River was 13730-13770 yuan / ton, up 20 yuan / ton; Guangdong South Reserve reported 13710-13810 yuan / ton, flat; Hua reported 13830-13850 yuan / ton, up 20 yuan / ton; The average domestic spot trading price is between
13720-13760 yuan / ton.
Aluminum rose slightly within the day, the holders shipped at a high price, and the middlemen were willing to receive goods, but the market had little room for profit, and the aluminum price rebounded in the later stage of the quotation, and the willingness to receive goods downstream was improved, and the overall transaction was
acceptable.
In terms of inventory, on Thursday, the inventory of aluminum warehouse receipts in the previous period was 797924 tons, an increase of 6,035 tons
from the previous trading day.
As of March 14, LME aluminium ingot inventories were 1295625 tonnes, down 6,075 tonnes
from the previous session.
According to industry news, in 2017, Yunnan Province eliminated and shut down 3.
85 million tons of cement clinker, 3.
58 million tons of weight box flat glass, 1.
515 million tons of ironmaking and 86,200 tons of electrolytic aluminum production capacity, ending the history of
cement clinker and flat glass production by the Li Kiln and the flat pull method (including the grid method).
On the whole, the reduction of primary aluminum production in the winter heating season continues to stimulate aluminum prices, and aluminum inventories are still slowly rising, but the role of cost support below has appeared again, and the aluminum market has fallen into a dilemma
.
However, consumption has not performed well for the time being, and there is little room for rebound above the aluminum market, and it is expected that aluminum prices will still weaken, and it is easy to fall and rise
in the short term.
On the technical side, the main KDJ dead cross and MACD dead cross of Shanghai aluminum, after the price fell sharply below the level of operation, it will maintain range-bound operation in the short term, and still face downward risks
in the later period.
