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On Thursday morning, the main force of Shanghai aluminum opened at 12425 yuan / ton, after the opening of the bears continued to close their positions out of the market to avoid risk, pushing up aluminum prices upward, bulls took advantage of the trend to concentrate on entering, aluminum prices pulled up to a high to touch 12540 yuan / ton, short-term bulls took profits here, Shanghai aluminum high fell back below the daily moving average, and then SMM aluminum ingot social inventory data showed that this week's inventory fell again by 50,000 tons, Shanghai aluminum then pulled up to a high of 12575 yuan / ton, closed at 12530 yuan / ton, at present, inventory data still dominates the atmosphere of the aluminum market, Coupled with macro factors such as monetary easing policy expectations, short-term Shanghai aluminum may remain high and volatile
.
In terms of the external market, Lun aluminum opened at 1636.
5 US dollars / ton in the morning, the Asian trading session Lun aluminum around the daily moving average narrow range, the Asian market end Lun aluminum trading volume rapidly enlarged, but the shock range did not expand, into the European trading session Lun aluminum slightly weak, basically running below the daily moving average, as of 17:30, Lun aluminum recorded 1638 US dollars / ton, Lun aluminum is still running above all moving averages, in the UK Brexit time gradually digested by the market, coupled with the US dollar data in all aspects is relatively weak, the year interest rate hike expectations are almost nothing, Outer disk base metals, including aluminum aluminum, may remain high in the short term
.
In terms of the market, the transaction concentration in Shanghai was 12760-12790 yuan / ton, the premium for the month was 90-100 yuan / ton, the transaction concentration in Wuxi was 12750-12770 yuan / ton, and the transaction concentration in Hangzhou was 12770-12800 yuan / ton
.
Holders maintained a strong price and sold, 11 o'clock aluminum rose to 12,700 yuan / ton in the month, holders followed the price adjustment, downstream enterprises are afraid of high willingness to receive goods with the rise and cold, in view of the end of the month and the spot price is too high, the middleman's willingness to replenish goods is cautious, and the overall transaction price is suppressed
.
In the late afternoon, aluminum first fell back to 12615 yuan / ton, holders adjusted prices with the market, the transaction was concentrated 12730-12750 yuan / ton, the news of the sharp drop in social inventory fermented, the aluminum rose in the month, and the holders sold almost no quotation
.
In the short term, the extremely low social inventory and high spot premium are the guarantee of strong aluminum prices, and aluminum prices may continue to be firm
before the inflection point of inventory.
On the market, aluminum prices maintain an upward channel, and the overall strength of commodities or continue to drive aluminum prices higher, focusing on whether Shanghai aluminum can stand firm at 12,500
.
