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Today's Shanghai aluminum 1705 contract rebounded strongly higher, closing at 13930 yuan / ton at the end of the day, up 190 yuan / ton, or 1.
38%, from yesterday's settlement price, with a position of 292230 lots, an increase of 7868 lots, and a volume of 269530 lots
.
In terms of futures structure, the aluminum market maintained a positive arrangement of near low and far high, and the price difference between Shanghai aluminum 1704 and 1705 contracts remained at 100 yuan / ton, indicating that the willingness of forward contracts to resist decline has increased
.
External trend: Asian aluminum fluctuated higher, the trend resonated with Shanghai aluminum, the highest rose to 1894.
5 US dollars / ton
.
On March 8, Lun Aluminum held 724,000 lots, with a daily increase of 5,135 lots, and the rebound of the increased position indicates that the long cover market, and the long and short game is still fierce
.
Macro: The Asian dollar index traded sideways today, rising as high as 102.
05 and now trading at 101.
93
.
In addition, China's new RMB loans in February amounted to 1.
17 trillion yuan, almost from 2.
03 trillion yuan in January, and the increase in social financing in February was 1.
15 trillion yuan, lower than the estimate of 1.
45 trillion yuan, only one-third
of the historical peak of 3.
74 trillion yuan in January.
Aluminum industry information, Minfa Aluminum released its 2016 annual report, with operating income of 1.
042 billion yuan, a year-on-year decrease of 8.
87%; The net profit attributable to shareholders of the listed company was 17.
6726 million yuan, a year-on-year decrease of 7.
34%.
In terms of market: Shanghai transaction concentration 13530-13540 yuan / ton, discount for the month 80-60 yuan / ton, Wuxi transaction concentration 13520-13530 yuan / ton, Hangzhou transaction concentration 13570-13590 yuan / ton
.
Smelters and traders are more willing to exchange cash than yesterday, the spot discount before delivery is narrowed limited, profit margins are limited, the willingness of middlemen to receive goods is slightly weaker than yesterday, downstream enterprises due to the previous days to receive more goods, today's willingness to receive goods temporarily weakened, the overall transaction of low prices is acceptable, high price deadlock
.
Intraday Shanghai aluminum 1705 contract took the lead in stopping the decline and rebounding, stronger than other base metals, whether it can continue the bullish pattern and see tonight's US non-farm payrolls data guidance
.
Operationally, it is recommended to be cautious in the short term, selling high and low in the range of 13800-14000 yuan / ton, and stopping 500 yuan / ton
each.
