echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Shanghai aluminum narrow fluctuation can still continue to be strong in the short term

    Shanghai aluminum narrow fluctuation can still continue to be strong 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 Monday, the main 1708 contract of Shanghai aluminum rose slightly to around 14130 yuan after the open, after which the price fell slightly under pressure, falling above 14000 yuan, and the price fluctuated in a narrow range in the afternoon, and the price rose sharply to a high of 14145 yuan at the end of the day, and closed at 14130 yuan, up 215 yuan, or 1.
    55%.

    Shanghai aluminum

    Externally, the LME aluminum March contract opened as low as $1918, after which the price soared to $1928.
    5, and after a slight retreat, the price rose again to $1930 at the end of the day, closing at $1929, up $6, or 0.
    31%.

    In terms of the market, the mainstream trading hours of the spot market trading is general, intraday aluminum futures prices were again stimulated by the news to rise sharply, holders at this price to actively ship, but market demand performance is still sluggish, downstream fear of heights mentality continues to maintain a strong attitude, spot and rise weak, discount once expanded, trading situation is also general
    .

    In terms of news, the local illegal production capacity reporting period is over, and it is expected that the list of illegal production capacity will be announced this week, and the bulls will enter the layout in advance; In addition, in July, part of the electrolytic aluminum production capacity announced the closure, following Xinjiang Jiarun, Oriental Hope also has rumors to shut down 35 electrolyzers, which is beneficial to the Shanghai aluminum market, and it is expected that short-term Shanghai aluminum can continue to be strong shocks
    .

    On the technical side, Shanghai aluminum main KDJ gold fork, MACD gold fork, short-term focus on 14,000 yuan integer mark support and BOLL upper rail 14,200 yuan pressure, quotation or rise to about
    13,950 yuan / ton.

    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.