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Overnight, the main force of Shanghai aluminum opened low at 14580 yuan / ton, slightly struggled at the beginning of the session, touched 14630 yuan / ton, internal and external weakness, Shanghai aluminum down, low recorded 14520 yuan / ton, close to 14500 yuan / ton mark, bears hesitated, Shanghai aluminum rebounded above the daily average, but due to the bulls difficult to find momentum, Shanghai aluminum fell back to close at 14545 yuan / ton
.
The trading volume decreased by 123,000 lots to 123934 lots, and the position decreased by 6,630 lots to 303962 lots
.
Bears hesitate at the 14500 yuan / ton mark, Shanghai aluminum hovered slightly at 14500 yuan / ton, looking for the next direction, overall, did not see the power point to support the rebound, and continue to decline still need to see the market for the cost side of the low price of alumina price expected time to do, is expected to run 14450 ~ 14600 yuan / ton
within the day.
Spot discount 170~130 yuan / ton
.
In terms of the market, on the same day, SMM A00# aluminum spot price was 14430 yuan / ton, down 170 yuan / ton from the previous day, compared with the discount of 160 yuan / ton for near-month contracts, the futures of aluminum downward, spot discount narrowed, the attitude of holders to ship is positive, middlemen cautiously receive goods, spot fell below 14500 yuan / degree, downstream enterprises' willingness to receive goods has not been significantly improved, and the overall transaction prosperity is poor
.
In terms of news, the heating season production limit is less than expected, and high inventory continues to suppress
prices.
Moreover, the price of alumina has fallen rapidly, and the downward cost has helped to launch new production capacity in low-cost areas such as Shandong and Xinjiang, in addition, environmental protection supervision has a significant impact on the downstream, superimposed on the demand off-season, the overall is not optimistic
.
It is expected that aluminum prices will continue to maintain a weak pattern
.
Operationally, it is recommended to continue to hold short orders
.
