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    Home > Chemicals Industry > New Chemical Materials > Shanghai aluminum bottomed out and rebounded, and the performance resisted the decline The overall short and many patterns remained unchanged

    Shanghai aluminum bottomed out and rebounded, and the performance resisted the decline The overall short and many patterns remained unchanged

    • Last Update: 2022-12-04
    • Source: Internet
    • Author: User
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    Today's Shanghai aluminum 1704 contract opened low after the shock rebounded to narrow the decline, closing at 14165 yuan / ton, down 30 yuan / ton from yesterday's trading day's settlement price, down 0.
    21%, the position was 228312 lots, a decrease of 14952 lots, and the trading volume was 256302 lots
    .
    In terms of futures structure, the aluminum market maintained a positive arrangement of near low and far high, and the price difference between Shanghai aluminum 1703 and 1704 contracts widened to 135 yuan / ton, indicating that the willingness of forward contracts to resist decline has risen
    .

    Shanghai aluminum

    Externally: the rise of Asian Aluminum expanded after the shock, rising as high as 1920 US dollars / ton
    .
    On March 1, Lun Aluminum held 727,000 lots, with a daily increase of 18,700 lots, and the sharp increase in positions showed that the short opening was active, and the competition for long and short was fierce, brewing momentum in the future market
    .

    Macro: The Asian dollar index fluctuated to the downside, partially cutting its gains in the past two days, and is now trading around
    102.
    04.
    In addition, the number of initial jobless claims in the United States fell again last week and fell to a 44-year low, adding another example of an improving labor market and a surge in the probability of a Fed rate hike in March to 88%; Eurozone CPI rose 2% year-on-year in February, rising above
    the ECB's target level for the first time in four years.
    Alcoa Corp on Thursday named Tim Reyes president of its new aluminum division and said the company will consolidate its current six business units into three divisions, with work centers on aluminum, alumina and bauxite
    .

    Market: On March 3, Shanghai aluminum trading concentrated 13680-13690 yuan / ton, the discount for the month was 190-180 yuan / ton, Wuxi transaction concentration was 13670-13690 yuan / ton, Hangzhou transaction concentration was 13700-13720 yuan / ton
    。 Futures aluminum fell overnight in the month caused the spot price to continue to fall, traders will the previous day received spot goods away for cash willingness positive, coupled with smelter stable shipments, the market circulation supply is very sufficient, the demand for goods from the actual production needs of downstream enterprises, spot prices fell, downstream enterprises willingness to receive goods slightly increased than yesterday, trading volume slightly increased, but the overall oversupply pattern is difficult to change, inventory digestion is difficult
    .

    The Shanghai aluminum 1704 contract opened low and went high during the day, recovering last night's decline, and downstream transactions continued to pick up, and the overall short and long pattern remained unchanged
    .
    Operationally, it is recommended to pull back to buy, long reference 14150 yuan / ton, target 14350 yuan / ton, stop loss 14080 yuan / ton
    .

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