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Last Friday night, the Shanghai aluminum main 1910 contract opened at 14250 yuan / ton, a small number of long positions at the beginning of the session slightly rushed to 14295 yuan / ton, and then the bulls fled continuously due to lack of confidence, and Shanghai aluminum lost support and fell to 14225 yuan / ton; In the second half of the night session, long and short positions closed in parallel, and finally closed at 14225 yuan / ton, down 25 yuan / ton, or 0.
18%.
The price of AOO aluminum ingots in East China was reported at 14,310 yuan / ton, up 30 yuan
.
The downward pressure on the global economy is obvious, China's manufacturing PMI in August unexpectedly fell and has been in the contraction range for four consecutive months, downstream demand is less than market expectations, a new round of rally awaits confirmation from the consumer side, aluminum prices have insufficient upward momentum, and today's spot aluminum prices may fall
slightly.
Shanghai aluminum has recently performed a high volatility trend, from a macro perspective, Sino-US trade frictions have not suppressed other metals on the aluminum plate; Returning to the fundamentals, the news of the resumption of production of an electrolytic aluminum enterprise and the expectation of demand side relaying expectations have entangled the emotions of long bears, and the upper and lower space is relatively limited
.
It is expected to fluctuate at 14180-14300 yuan / ton within the day, and the spot aluminum price is rising by 20-40 yuan / ton
in the month.
