The center of gravity of aluminum prices continues to move up, but faces neckline suppression

In terms of the external market, the LME aluminum March contract opened low at $1926, after which the price fluctuated in a narrow range, the highest rose to $1928, the price fell slightly before the afternoon, and the price once rebounded to $1928.
5 in the afternoon, approaching the red market, but then the price fell again, falling to the lowest $1920, and the price fluctuated in a narrow range at the end of the day, and the Asian market closed at $1922, down $7, or -0.
36%.

In terms of the market, the mainstream trading hours of the spot market trading period are general, the cargo attitude of the holders tends to be positive, a small amount of discount to make the shipment mainly the shipment, the unexpected decline in the quotation of the Yangtze River makes the shipment price slightly premium, but the downstream due to the decrease in orders, plus the price increase wait-and-see attitude, the willingness to receive goods is low, helpless spot prices are weak, and finally still discounted
.
In the afternoon, aluminum prices fell, and the downstream received a slight dip, but after the rise, it turned to the sidelines
.

In terms of news, the current supply pressure of electrolytic aluminum still exists, but the alumina industry is already on the way due to losses and production reductions, and the cost of electricity is expected to gradually stabilize and rebound, and inventories will also slowly fall
due to seasonality.
Previously, Rusal expected global aluminum demand to increase by 5.
5% to 15 million tons in the first quarter, and global aluminum supply increased by 7.
8% to 14.
9 million tons during the same period, which means that the global aluminum market is generally balanced
at this stage.
The aluminum market as a whole maintains the idea of bargain hunting, and the rise is determined by the actual output control
.

On the technical side, the main KDJ gold fork of Shanghai aluminum diverged upward, MACD dead fork and green column attenuation, the center of gravity continued to move upward during the day, but it was still suppressed by the neckline, and the short-term will test the support of the 5-day moving average of 13900 yuan, focusing on whether 14100 yuan can be effectively broken
.
It is expected that the current price difference will return to the discount state, and the quotation may rise to the level
of 13900 yuan / ton.