echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Shanghai aluminum contract soared back down, short-term decline risk remains

    Shanghai aluminum contract soared back down, short-term decline risk remains

    • Last Update: 2022-12-07
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Tuesday, the main contract of Shanghai aluminum 1802 contract rushed back down, showing that the upper selling pressure was heavier, trading at 14415-14190 yuan / ton during the day, closing at 14250 yuan / ton at the end, up slightly by 0.
    07% on the day, and the daily closing price was close to the low set on June 30 this year, and the downside risk remained
    .
    Shanghai aluminum continued the positive arrangement of near, low, far and high, of which the positive price difference between the Shanghai aluminum 1801 contract and the 1802 contract was flat at 100 yuan / ton
    .

    Shanghai aluminum

    In terms of the external market, Yashi Lun aluminum weak finishing, of which 3 months Lun aluminum trading in 2028-2010 US dollars / ton, now trading around 2017 US dollars / ton, a slight decline of 0.
    54% per day, the current Lun aluminum is still running below the recent oscillation finishing platform, short-term decline risk remains, pay attention to the lower 2000 US dollars / ton integer mark support
    .

    On the macro front, the Asian dollar index fluctuated in a narrow range around 93.
    85, and the Fed's December interest rate decision was announced in the early morning, which is expected to have a higher probability of interest rate hikes, and it is necessary to be wary of the suppression of
    the dollar index after the rate hike boots land.
    In addition, China added 1.
    12 trillion yuan in new yuan loans in November, higher than the expected 0.
    8 trillion yuan and 0.
    6632 trillion yuan in the previous month
    .
    Industry information, it is reported that Zhengzhou Faxiang Aluminum began to reduce production, all shut down on December 20, with a total production capacity of 80,000 tons
    .
    Electrolytic aluminum indicators are ready for sale and withdraw from the electrolytic aluminum industry
    .

    In terms of the market, on December 12, the Shanghai transaction concentration was 13880-13900 yuan / ton, the discount for the month was 150-140 yuan / ton, the Wuxi transaction concentration was 13880-13900 yuan / ton, and the Hangzhou transaction concentration was 13900-13920 yuan / ton
    .
    Holders have stable shipments, the month change is imminent, the discount is expanding, the willingness of middlemen to stock has improved, the downstream enterprises are more wait-and-see sentiment, mainly according to the purchase of just needs, and the overall transaction has not seen a significant improvement
    .

    During the day, Shanghai aluminum 1802 weak down to 14250 yuan / ton, still running below the moving average group, the technical pattern is weak, short-term aluminum market bearish atmosphere is strong, but after continuing to fall, aluminum prices have fallen to around 14200 yuan, the decline space or limited
    .
    It is recommended that the Shanghai aluminum 1802 contract can sell high and low in the range of 14150-14350 yuan, with a stop loss of 100 yuan / ton
    each.

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.