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On Wednesday, the main 1709 contract of Shanghai aluminum continued to weaken after the opening, once falling slightly to 14270 yuan, after which the price rebounded, and after a narrow range in the afternoon, it rose again before closing, closing at 14480 yuan, up 85 yuan, or 0.
59%.
Index holdings increased by 8,012 lots to 627,000 lots, and trading volume shrank to 246,000 lots
.
Externally, the LME aluminum March contract edged higher at $1932.
5 after the morning open, after which the price fell back to a low of $1925, and after the bottom fluctuated in a narrow range, the price rebounded sharply to a maximum of $1935.
5 before the Asian market closing time, and finally closed at $1931.
5, up $1.
5, or 0.
08%.
In terms of the market, the mainstream trading hours of the spot market trading time is general, the morning spot aluminum price fell, the future aluminum price then turned red so that the holder has a little reluctance to sell, the transaction price also rose, to the afternoon price once reported a slight premium to the Yangtze River, but the current downstream demand is still light, the current price difference returned to a large discount state, aluminum prices are high so that most of the downstream will not be stocked, the transaction situation is relatively light, mostly based on middleman transactions
.
In terms of news, although the supply-side reform news has temporarily entered a window period, the current long funds are still dominant, and the short term may still be able to support the high operation
of Shanghai aluminum.
Global electrolytic aluminum production in June will be announced soon, focusing on the impact of the supply of the global aluminum market on the market
.
On the technical side, Shanghai aluminum main KDJ, MACD double golden cross, the price returned to the 5-day moving average again, the daily K formed a yang and yin trend, short-term pressure at 14500 yuan remains, tomorrow's quotation or will rise above 14200 yuan / ton
.
