echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Shanghai aluminum high volatility is still easy to rise and fall in the short term

    Shanghai aluminum high volatility is still easy to rise and fall in the short term

    • Last Update: 2022-12-06
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Wednesday, Shanghai aluminum opened at 16230 yuan / ton in the morning, after the opening of the early entry of the long part chose to take profits, aluminum prices passively slightly downward, the low touched 16075 yuan / ton, during the period a small number of bears tried to enter, but the bulls obviously dominated, the afternoon aluminum price low back up, afternoon bulls actively entered the Shanghai aluminum shock up, the high touched 16305 yuan / ton, the end of the session part of the long bag for safety, Shanghai aluminum gave up part of the rise to close at 16215 yuan / ton
    。 Due to the more news of the aluminum industry, the story is not over, coupled with the explosion of the bullish atmosphere, so it has attracted a large number of speculative funds to enter, short-term due to production restrictions and new capacity captive power plants stopped construction and other factors, Shanghai aluminum is still prone to rise and fall
    .

    Shanghai aluminum

    In terms of the external market, in the morning, Lun aluminum opened at 2022 US dollars / ton, the beginning of the session slightly upward touched 2036.
    5 US dollars / ton, and then fell back to the daily average at a narrow range, in the afternoon Lun aluminum tried to test again, entering the European trading session to touch 2043 US dollars / ton, and then fell back below the daily moving average, as of 16:47 Lun aluminum reported 2029 US dollars / ton, pay attention to the change of U.
    S.
    EIA crude oil inventory and the domestic Shanghai aluminum trend, it is expected that the high and wide range of Lun aluminum shock
    .

    In terms of the market, aluminum futures first fell and then rose after the opening of the month, closing at 15970 yuan / ton
    before noon.
    The market transaction price fluctuates greatly, the transaction price in Shanghai area is concentrated in 15690 ~ 15740 yuan / ton, the discount for the month is expanded to 260 ~ 240 yuan / ton, Wuxi transaction concentration 15690-15730 yuan / ton, Hangzhou transaction concentration 15710-15730 yuan / ton, the holder shipment is more active, due to the expansion of spot discount, so the middleman receives goods more actively, waiting for the basis narrowing after the delivery of the month, the main transaction is still concentrated in the trading between traders, Downstream aluminum prices continue to wait and see, there are few procurement actions, and the overall transaction situation in East China is slightly better than yesterday
    .
    In the late afternoon, aluminum prices rose slightly, and the transaction in Wuxi was concentrated in 15740~15750 yuan / ton
    .

    In terms of news, China's July CPI data rose slightly month-on-month, indicating that the economic development trend remained stable, the base metal market was supported and the trend was strong, and the aluminum price rose during the day.

    The logic behind the recent rapid rise in aluminum prices is mainly to reduce production, in addition, the market bullish atmosphere has exploded, funds have frantically flowed into Shanghai aluminum, emotions dominate aluminum prices, and the upward speed has accelerated
    .
    Spot aluminum prices rose
    sharply.

    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.