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Overnight, non-ferrous metals generally rebounded
except copper.
This morning Lun aluminum opened at 1896 US dollars / ton, at the beginning of the session Lun aluminum rose rapidly, touched 1914 US dollars / ton, 5/40 daily moving average resistance first appeared, then Lun aluminum high down, narrow range below the daily average below the 1906 US dollars / ton line, into the European trading session, Lun aluminum around the daily average of 1908 US dollars / ton a line of oscillation, the upper pressure of the 40-day line failed to form an effective breakthrough, closed at 1913 US dollars / ton, short positions closed.
On the macro front, the Dow continued to fall overnight, while the unexpected increase in gasoline inventories led to a sharp drop in crude oil, which continued to put pressure on gold varieties in the evening, and London copper was sold by funds in late trading and caused a sharp decline, while other metals continued to rebound
despite the deep decline.
Lun aluminum after the Asian market closed a wide range of shocks, the price in the repeated hit a new intraday high and then fell again, the market overnight session once rushed to a maximum of $1916, the price also stabilized around $1903, before the close the price rebounded again, and finally closed at $1913, up $15, or 0.
79%.
In terms of inventory, the latest inventory of London Metal Exchange (LME) on the 19th was 1713250 metric tons, down 32,500 metric tons from the previous trading day's inventory, and the latest inventory of aluminum alloy was 14,080 metric tons, unchanged
from the previous trading day's inventory.
In terms of news, the official website of the World Bureau of Metal Statistics released a report on Wednesday showing that the global primary aluminum market supply shortage of 101,000 tons in January and February 2017 and 1.
118 million tons
in 2016.
Global primary aluminum demand in January-February 2017 was 9.
85 million tons, an increase of 1.
018 million tons
over the same period in 2016.
From January to February 2017, global primary aluminum production increased by 971,000 tons compared with the same period in 2016
.
In February 2017, global primary aluminum production was 4.
8391 million tons, and consumption was 4.
9048 million tons
.
Overnight, Lun aluminum inventories continued to reduce sharply to support the rebound in aluminum prices, Lun aluminum rose $15, no major economic data was released this week, the market focused on the French election, investors wait-and-see sentiment
.
