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On Thursday, the main 1706 contract of Shanghai aluminum fell to 13900 yuan after the morning open, and then rebounded slightly, not exceeding the opening price after the pressure shock fell to 13810 yuan, and then the price rebounded to the average price line of 13905 yuan, and Shanghai aluminum continued to rebound to 13920 yuan in the afternoon, but soon, affected by the black iron ore stop, the price plunged sharply below the overnight low to around 13750 yuan, and rebounded before closing, narrowing the decline, closing at 13890 yuan, down 35 yuan, -0.
25%
decrease.
In the external market, the LME aluminum March contract fluctuated in a narrow range, opening low at $1919.
5 today, then rising to $1923 and fluctuating at this price, shortly after the opening of the Asian market, it fell straight down, to a minimum of $1914, and rebounded slightly to $1920 in the afternoon, after which the price fell sharply again to the lowest point near $1904 to stabilize and rebound, closing at $1914, down $6.
5, or -0.
34%.
In terms of the market, the mainstream trading hours of the spot market are still active during the mainstream trading hours, the holders continue to sell, the willingness to ship after the price fall is general, but still maintain the premium price, downstream because of the near weekend, the willingness to receive goods on the dip is still good, and the market trading situation is more active
.
The afternoon rebounded, traders began to actively adjust prices and shipments, and market transactions remained active
.
However, the aluminum price was shocked at the end of the day, and the market turned to wait and see, and the trading was cold
.
During the day, the commodity market suffered a sharp decline, many varieties once fell to the limit, the aluminum market also fell sharply under the catharsis of this pessimistic mood, and the price rebounded
at the end of the day driven by long buying.
Recently, due to China's measures to combat environmental pollution, aluminum output may decline, it is reported that two alumina companies in Shanxi began to reduce production and maintenance, affecting the output of about 20,000 tons, it is expected that the oversupply of the alumina market may gradually reverse, supporting the aluminum market
.
On the technical side, the main KDJ dead fork of Shanghai aluminum entered the oversold area, the J line turned up, the MACD dead cross opened downward, and many medium-term moving averages were broken, and the lower half-year line support closed the lower shadow, strong support, and continued to pay attention to the competition at 14,000 yuan in the short term
.
It is expected that the current price spread will narrow slightly but still maintain a discount, and tomorrow's quotation may rebound to around
the 13800 yuan / ton level.
