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On Monday, Shanghai aluminum 1905 opened at 13595 yuan / ton
in the morning.
After the opening, Shanghai aluminum fell slightly below the 60-day moving average, and the low touched 13575 yuan / ton
.
Then maintained a volatile upside, pierced the 5-day moving average at a high in the afternoon, touched 13625 yuan / ton, and closed at 13600 yuan / ton
at the end of the session.
In terms of external disk, Lun aluminum opened at 1897.
5 US dollars / ton
in the morning.
During the Asian session, Lun aluminum maintained a narrow range of oscillation, after the opening low shock touched 1895 US dollars / ton, based on the daily moving average all the way higher, the Asian market touched a high of 1903 US dollars / ton, but after entering the European session, Lun aluminum aluminum high turned its head and fell rapidly, successively fell below the 5/20/40 daily moving average low touched 1880.
5 US dollars / ton, as of 17:52 Lun aluminum reported 1889 US dollars / ton
.
After three consecutive negatives, the center of gravity shifts down, or will test the stationing ability
of the 5-day moving average.
In terms of the market, aluminum futures maintained range-bound
volatility before noon of the month.
Shanghai transaction price is between 13790 ~ 13800 yuan / ton, the monthly premium 220 ~ 230 yuan / ton around, the transaction price is basically the same last Friday, Wuxi transaction price is between 13790 ~ 13800 yuan / ton, Hangzhou transaction price is between
13800 ~ 13820 yuan / ton.
Following the announcement of the tax cut last week, the spot premium exceeded $200 on the first day after the futures month, and traders took into account the decline in the tax rate after the tax cut, and there were more
people receiving goods within the day.
The market supply is more sufficient, and the transaction is more active, but the downstream manufacturers are still performing on the sidelines, and there are not many
basic on-demand procurement receipts.
Intraday East China transaction is average
.
In the afternoon, the trading activity of the East China market declined significantly, traders were still mostly receivers, few shippers, and there were a small number of transactions in the price range of 13790~13810 yuan / ton, but the downstream performance was still light
.
Social aluminum ingot inventory increased by 05,000 tons week-on-week, and the unsmooth destocking also means that the downstream recovery is slower, coupled with the cost of electrolytic aluminum still has room to fall, aluminum prices remain volatile and consolidated
.
It is expected that Shanghai aluminum will still be volatile and consolidated
around the moving averages.
