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On Monday, the main contract of Shanghai aluminum 1805 contract fell under pressure, and the decline further expanded, trading at 14465-14270 yuan / ton during the day, and closing at 14295 yuan / ton at the end of the day, down 0.
9% on the day, weaker than other base metals, hitting a low since February 22 this year
.
Shanghai aluminum continued the positive arrangement of near low and far high, of which the positive price difference between Shanghai aluminum 1804 contract and 1805 contract remained at 85 yuan / ton
.
In terms of external trading, Asian Lun aluminum fell under pressure, of which 3 months Lun aluminum traded at 2155-2137 US dollars / ton, now closed at 2140 US dollars / ton, down 0.
37% per day, the current Lun aluminum fell into a low oscillation finishing, showing that the upper selling pressure is heavier, the lower support is concerned about 2100 US dollars / ton, short-term Lun aluminum performance is weaker than Shanghai aluminum, suppressed by the strengthening of the US dollar
.
In terms of the market, on March 5, the Shanghai transaction concentration was 13960-14000 yuan / ton, the discount for the month was 160-150 yuan / ton, the Wuxi transaction concentration was 13960-14000 yuan / ton, and the Hangzhou transaction concentration was 13970-13990 yuan / ton
.
Holders adjust prices with the market, keep the discount at about 150 yuan / ton, aluminum rises in the later period, and holders are willing to bargain at a low price, but due to the deadlock between the supply and demand ends on the transaction price, the transaction volume is general, downstream enterprises purchase on demand, the overall transaction is general, and the supply and demand sides form a stalemate and mismatch
.
In terms of news, the US president launched a trade war, if China's exports to the United States aluminum if the amount of aluminum decreased, or aggravate the domestic market surplus, but China's aluminum products exports to the United States are limited, peripheral aluminum prices are still strong, but the aluminum market fundamentals are still weak, after the rebound facing high inventory pressure
.
In terms of the industry, as of March 5, the previous period of aluminum inventory reported 842396 tons, a weekly increase of 30,557 tons, for 34 consecutive weeks (cumulative increase of 410155 tons), another record high, indicating that domestic inventory pressure continues to rise
.
During the day, the Shanghai aluminum 1805 oscillation fell to 14295 yuan / ton
.
Intraday aluminum prices hit a new recent low, indicating that the upper selling pressure is heavier, as domestic inventories continue to reach new highs, supply pressure increases, aluminum price rebound height is limited, or will continue the low oscillation trend
.
It is recommended that the Shanghai aluminum 1805 contract can be backed by 14450 yuan below the sky, the entry reference is around 14350 yuan, and the target is 14150 yuan / ton
.
