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On Thursday, the Shanghai aluminum main month 1805 contract opened at 14250 yuan, the intraday high of 14305 yuan and the low of 14130 yuan, and closed at 14230 at the end, down 120 yuan / ton
from the previous trading day.
The inventory in the last period maintained a record high, high inventory pressure inhibited the rebound of aluminum prices, Shanghai aluminum fell sharply within the day, the current market news is short, aluminum prices are limited, it is expected that Shanghai aluminum will continue to fall more likely
.
In terms of external trading, Lun aluminum opened at 2101 US dollars / ton in the morning, the Asian session Lun aluminum trend tangled, but the overall center of gravity has moved up, the high touched 2110 US dollars / ton, the end of the session fell sharply, into the European trading session Lun aluminum continued to leak, the low touched 2093 US dollars / ton, as of 16:48, Lun aluminum reported 2098.
5 US dollars / ton, intended to recover the daily moving average, it is expected that the monthly K-line 10-day moving average will show some support, Lun aluminum continues to have limited downward space, Pay attention to the guidance of the US dollar trend and the domestic Shanghai aluminum trend for Lun Aluminum
.
In terms of the market, the spot trading price of Yangtze River was 13910-13950 yuan / ton, down 140 yuan / ton; Guangdong South Reserve reported 13910-14010 yuan / ton, down 190 yuan / ton; Hua reported 14000-14020 yuan / ton, down 170 yuan / ton; The average domestic spot trading price is between
13930-13970 yuan / ton.
The spot discount narrowed slightly, the cargo attitude of the holders was still positive, the difficulty of transaction increased, the middlemen inquired positively, some middlemen took advantage of the low price to stock up, the willingness of downstream enterprises to receive goods at low prices increased, and the overall transaction volume picked up
slightly compared with the previous day.
In terms of news, according to the instructions of the "two sessions", electrolytic aluminum capacity reduction work will be effectively promoted for a long time, which is in line with expectations, but it is not forced by the government department through indicators, in accordance with the industry structure optimization adjustment and enterprise reform requirements, orderly promotion of capacity reduction, so electrolytic aluminum capacity structure optimization will be a long-term process, single-day aluminum price rise reflects a little excessive, will eventually return to fundamentals, but the long term is still optimistic
.
On the whole, the current inventory continues to refresh the historical high and there is new production capacity, aluminum prices will be under pressure, but the cost side or the aluminum price support, the consumption season is coming, the demand side or pick up
.
Technically, the daily K-line is still suppressed by the moving average system, but the daily K-line has a long lower shadow, and it is expected that the main oscillation operation of Shanghai aluminum is expected to operate in the operating range of 14000-14500, for reference
only.
