echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > The long-short game is fierce, and the resistance above Shanghai aluminum still exists

    The long-short game is fierce, and the resistance above Shanghai aluminum still exists

    • Last Update: 2022-12-04
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Friday morning, the main force of Shanghai aluminum opened at 13430 yuan / ton, to the capacity of the residual temperature continued to ferment, the beginning of the day flat more in, Shanghai aluminum shock upward touch 13545 yuan / ton, then the bears gradually exerted, the early entry bulls saw the trend have left the market, aluminum prices under pressure bottomed out of 13215 yuan / ton, 4-hour K-line pattern in the 5-day moving average began to show support, bulls once again concentrated on the entry to pull up aluminum prices, Shanghai aluminum closed at 13395 yuan / ton
    。 Shanghai aluminum recorded a long doji with upper and lower shadows, the trading volume of the Shanghai aluminum index increased by 186,000 lots to 655,000 lots, the long and short game was fierce, short-term market differentiation still existed, and continued to pay attention to the tug-of-war
    between the long and short sides.

    Shanghai aluminum

    In terms of the external market, in the morning, Lun aluminum opened at 1790.
    5 US dollars / ton, after the opening of Lun aluminum around the daily moving average narrow range, and then opened a downward trend, the low touched 1780 US dollars / ton, due to the domestic Shanghai aluminum low level rise, Lun aluminum followed up to the daily average near the line, into the European trading session London aluminum around the daily average narrow range oscillation, the dollar fell again, the trading center of gravity slightly up, as of 18:30, Lun aluminum 1794 US dollars / ton, short-term Lun aluminum will continue to be strong pattern
    .

    On the macro front, industrial metals were boosted
    by a weaker dollar.
    Driven by rumors of capacity reduction in the domestic market, Shanghai aluminum rose eye-catchingly, but because it was stimulated in a short period of time, and the supply and demand side did not substantially change, the fermentation effect of the rumors still needs to be observed
    .

    In terms of the market, aluminum rose overnight to 13,300 yuan / ton, fluctuating at a high level before noon during the day, and fluctuating
    rapidly around 11 o'clock.
    Shanghai transaction concentration is 13250-13280 yuan / ton, the discount for the month is 70-40 yuan / ton, Wuxi transaction concentration is 13220-13280 yuan / ton, Hangzhou transaction concentration is 13210-13250 yuan / ton
    .
    The rapid fluctuation of aluminum at 11 o'clock, the views of holders are inconsistent, and the spot quotation is more chaotic
    .
    Aluminum rose sharply, smelters intend to sell, shipments weakened, the source of circulation was tighter than the previous day, middlemen were bullish and willing to receive goods, downstream enterprises received goods according to just demand, and the overall transaction was better
    than the previous day.
    In the late afternoon, aluminum dived, and the willingness of the holders to ship was not strong, and only a small number of holders adjusted the price with the market, and the quotation was 13110-13160 yuan / ton, and there was almost no transaction
    .
    On the plate, Shanghai aluminum weakened on Friday after the sharp pull-in at the end of the day, and the pressure on the 13,500 line was obvious, and the risk of falling back in the later period increased
    .

    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.