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Today's Shanghai aluminum 1704 contract fell unilaterally after the open, and the midday decline further expanded, closing at 13840 yuan / ton at the end, down 280 yuan / ton from yesterday's settlement price, a daily decline of 1.
98%, holding 290140 lots, a decrease of 16234 lots, and a volume of 310220 lots
.
In terms of futures structure, the aluminum market maintained a positive arrangement of near-low, far-high, and the price difference between Shanghai-aluminum 1703 and 1704 contracts narrowed to 90 yuan / ton, indicating that the willingness of forward contracts to resist decline was weakened
.
In terms of external trading: Yashi Lun aluminum fell unilaterally, resonating with the trend of Shanghai aluminum, falling as low as 1868.
4 US dollars / ton, and now trading at 1876.
5 US dollars / ton
.
On February 21, Lun Aluminum held 68.
2 lots and reduced its position by 6726 lots, and the rebound of the reduced position showed that the bulls dominated, and some bears accounted for the stop loss exit
.
On the macro front: The Asian dollar index rebounded to around 101.
3 as expectations of a Fed rate hike in March climbed
.
In addition, U.
S.
existing home sales totalled 5.
69 million in January, the highest since February 2007, well above expectations of 5.
54 million, and revised upwards to 5.
51 million in
the previous month.
It rose 3.
3% month-on-month, well above expectations of an increase of 0.
9%.
As of the end of January, aluminum inventories at Japan's three major ports were 273,100 tons, down slightly from the previous month and down 25.
8 percent
year-on-year.
In terms of market: Shanghai transaction concentration 13550-13570 yuan / ton, discount for the month 250-230 yuan / ton, Wuxi transaction concentration 13550-13560 yuan / ton, Hangzhou transaction concentration 13580-13600 yuan / ton
.
Holders are afraid of the decline and positive willingness to exchange cash, the spot price fell below 13600, middlemen took the initiative to find low-priced sources, prices fell sharply, downstream enterprises were willing to buy at the dip, month-end factors, the price difference between the current month's ticket and the next month's ticket showed a price difference, and the overall transaction was warmer
than yesterday.
The Shanghai aluminum 1704 contract continued to pull back deeply during the day, leading the non-ferrous metals sector to decline
.
Under the expectation of supply-side reform, the downstream market transaction is not active and weakly sorted
.
On the technical side, aluminum breaks through the 20-day moving average support, but the position shrinks, and it is more likely to repeatedly compete for
the 20-day moving average or 13800 points.
In terms of operation, it is recommended that the Shanghai aluminum 1704 contract continue to buy at a low level, short-term long reference 13800 yuan / ton, target reference 14050 yuan / ton, stop loss reference 13720 yuan / ton
.
