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Today's Shanghai aluminum main contract 1705 came under pressure and fell to 13760 yuan / ton at the end of the day, down 1.
43%
on a daily basis.
The daily closing price runs below the moving average group, indicating that the upper selling pressure is heavier, and the technical support below is concerned with 13600 yuan / ton
.
At the same time, the positive price difference between Shanghai-aluminum 1704 and 1705 contracts remained at 90 yuan / ton, indicating that the willingness of forward contracts to fall has increased
.
In terms of external trading: Asian market Lun aluminum bottomed out, of which 3 months Lun aluminum slightly fell 0.
31% to 1899 US dollars / ton, the performance is significantly more resistant to the decline than Shanghai aluminum, the current Lun aluminum is still stable above the moving average group, and its upper rebound resistance focuses on 1950 US dollars / ton
.
Macro: The U.
S.
dollar index extended its decline overnight, rebounding weakly this morning, trading around 100.
28, as the market continued to digest the impact
of the Fed's rate hike boots.
In addition, US housing starts rose 3.
0% m/m to 1.
288 million units in February, below expectations of 1.
26 million
.
Aluminum industry information, Rusal United Company expects the global aluminum market supply shortage to expand to 1.
1 million tons in 2017; The aluminum market is expected to record a good performance
in 2017.
Market: on March 17, Shanghai spot aluminum traded 13540-13590 yuan / ton, the monthly discount 190 to 170 yuan / ton, Wuxi spot morning transaction 13570-13580 yuan / ton, then down to around 13550 yuan / ton, Hangzhou spot morning transaction 13600 yuan / ton, the overall East China market in the weak situation, the cargo of holders has not weakened, but downstream and middlemen willingness to receive goods weakened, near the close has shown a general wait-and-see situation
。 Due to the high inventory in East China, some arrivals are expected to increase over the weekend, and holders are afraid that the spot discount in East China will continue to expand
next Monday.
The Shanghai aluminum 1705 contract fell under pressure to 13,760 yuan / ton during the day, mainly due to increased supply pressure, and its performance was much weaker than other base metals
.
In terms of operation, the short-term Shanghai aluminum 1705 contract can change the idea of more, can be backed by 13600 yuan above the dip, the entry reference is around 13700 yuan, the target is 13950 yuan / ton
.
