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On Tuesday, the main monthly 1807 contract of Shanghai aluminum opened at 14,715 yuan, with an intraday high of 14,790 yuan and a low of 14,695 yuan, and closed at 14,755 at the end of the day, up 50 yuan / ton
from the previous trading day.
Domestic imported bauxite consumption in April increased month-on-month, demand improved, supported the rebound of aluminum prices, Shanghai aluminum rose slightly during the day, and will remain volatile in the short term
.
Externally, the LME aluminum March contract opened volatile from a low of $2,339, after which the price rose to $2,372 and closed at $2,369, up $26, or 1.
11%.
In terms of the market, the spot trading price of Yangtze River was 14620-14660 yuan / ton, up 120 yuan / ton; Guangdong South Reserve reported 14620-14720 yuan / ton, up 70 yuan / ton; Hua reported 14720-14740 yuan / ton, up 100 yuan / ton; The average domestic spot trading price is between
14620-14660 yuan / ton.
In the morning, aluminum prices kept rising, the market had good willingness to ship, but the holders generally raised prices, and the large households pressed the discount to receive the goods resulting in poor shipments, and the overall trading situation was average
.
As the world's largest metal consumer, the market expects China's economic performance in April to remain good, and China's overall import and export performance in April is very strong, of which unwrought aluminum and aluminum exports in April increased by 4.
9% year-on-year, and unwrought copper and copper imports in April increased by 46% year-on-year.
However, the overall domestic inventory pressure is still there, and with the full liberalization of aluminum production resumption, oversupply concerns still exist, which puts greater pressure
on the rebound of aluminum prices.
On the technical side, the main KDJ golden cross and MACD dead cross of Shanghai aluminum, the short-term price stands above the moving average, and the trend is strong, but the huge gap above is difficult to repair, and the operation is mainly
wait-and-see.
