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    Home > Chemicals Industry > New Chemical Materials > Aluminum prices are still dominated by high volatility in the short term

    Aluminum prices are still dominated by high volatility in the short term

    • Last Update: 2022-12-04
    • Source: Internet
    • Author: User
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    Today's aluminum price high pullback
    .
    After the morning open, it fluctuated all the way down, experienced a wave of diving at 10 o'clock, and the price fell to a minimum of 14,080 yuan in the afternoon, rebounding slightly before closing, closing at 14,145 yuan, up 115 yuan, or 0.
    82%.

    Today's Lun aluminum high volatility, opening at the morning high of $1945, then falling to $1938 before rebounding to $1941, and then continuing to fall to a low of $
    1936.

    Aluminum prices

    News: According to data released on the official website of the National Bureau of Statistics, China's official manufacturing PMI in February was 51.
    6, better than the expected 51.
    2 and the previous value of 51.
    3, which was the fifth consecutive month above 51
    .
    Meanwhile, China's Caixin manufacturing PMI of 51.
    7 in February was well better than expectations of 50.
    8 and the previous reading of 51
    .
    In the presence of seasonal factors, China's two major manufacturing PMIs still rebounded sharply, indicating that China's manufacturing industry continued to maintain a stable and improving trend, market confidence was boosted, and the overall trend of nonferrous metals was good
    .

    In terms of market: today's Shanghai Nonferrous Metals Trading Center (SME) spot aluminum mainly traded at 13800-13840 yuan / ton in the morning, up 110 yuan / ton from the previous trading day, and the premium was reported at C210-C170
    .
    The spot aluminum index of the Shanghai Nonferrous Metals Trading Center was at 13817.
    45 points, up 110 points
    from the previous session.
    Today's market in East China continues to be sufficient, aluminum prices high volatility coupled with high inventory makes the cargo attitude of holders continue to remain positive, but the downstream continues to maintain a strong wait-and-see mood for the current aluminum prices, the willingness to receive goods is low, the morning slight premium with the aluminum price volatility lower into discount shipments, the overall market trading is general
    .

    At present, the difference between long and short is obvious, because the environmental protection policy is implemented in the fourth quarter, so in the medium term, 14500 yuan / ton is still the first target of bulls, but the continuous increase in spot inventory makes the pressure on the supply side greater, and it is necessary to be wary of the short-term pullback
    of Shanghai aluminum.

    On the technical side, the main force of Shanghai aluminum a long white line broke all resistance, the support moved up to the 14,000 yuan mark, KDJ gold cross, MACD dead fork turned, the 5-day moving average also turned upward, it is expected that tomorrow will still be dominated by high volatility, waiting for the 5-day moving average to move, the upper pressure is around 14350 yuan, and it is expected that tomorrow's spot aluminum price will continue to remain above
    13800 yuan / ton.

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