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Market review, Shanghai aluminum volatility weakened on Tuesday, Shanghai aluminum 1905 contract traded at 13480-13680 yuan / ton, closed at 13570 yuan / ton, down 1.
02%
on the day.
In the external market, as of 15:33, the 3-month Lun aluminum was quoted at 1877.
50 US dollars / ton, up 0.
29%
on the day.
In terms of industry, Intertax news agency quoted the CEO of Rusal, a Russian aluminum giant, as saying that Rusal expects aluminum production to reach 3.
8 million tons
in 2019.
The Company plans to resume its 2019 contracts with customers in the next three to four months and is in consultation
with new customers this month.
Spot analysis, Shanghai transaction price between 13680-13700 yuan / ton, the discount for the month between 40-20 yuan / ton, the transaction price is 70 yuan / ton higher than the previous day, Wuxi transaction price is between 13680-13700 yuan / ton, Hangzhou transaction price is between
13680-13700 yuan / ton.
Chalco received more than 7,000 tons of goods in East China and South China, and the holders were actively
shipping.
At present, the market has begun to trade a large number of next month's ticket goods, and next month and May aluminum has an inverted structure suitable for arbitrage, superimposed on the market atmosphere is optimistic about the future market, intraday traders and middlemen are active in trading with each other, but downstream manufacturers still perform on-demand procurement, mainly due to rising prices, downstream fear of heights overshadows the willingness to
receive goods.
The overall transaction in East China was good
.
In terms of inventories, LME aluminum stocks were 1,230,225 tons on March 04, down 2,725 tons from the previous session; As of March 1, 2019, electrolytic aluminum stocks on the Shanghai Futures Exchange were 747,012 tons, an increase of 10,332 tons
from the previous week.
From a seasonal perspective, current inventories remain at a high level
compared to the past five years.
Shanghai aluminum volatility weakened during the day, as macro sentiment gradually declined, superimposed on weak aluminum fundamentals, aluminum prices lack momentum to rise
.
And due to the impact of China's plan to reduce the current 16% tax rate in the manufacturing industry to 13% this year, the Shanghai aluminum far month contract fell significantly
.
In the spot market, the cargo holders are actively shipped, and the market atmosphere is optimistic about the future market, traders and middlemen are actively trading with each other, but downstream manufacturers still perform on-demand procurement, mainly due to rising prices, and downstream fear of heights overshadows the willingness to
receive goods.
On the technical side, the red column of the Shanghai aluminum 1905 contract MACD indicator further shrank and fell below the middle band of the Bollinger band, and the short-term aluminum price trend was weak
.
Operationally, it is recommended that the Shanghai aluminum 1905 contract can consider rebounding and selling short by backing 13700 yuan / ton
.
