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On Wednesday, the main 1706 contract of Shanghai aluminum immediately fluctuated lower to 13865 yuan after the morning open, after which the price rebounded slightly, and oscillated above the average price line of 13930 yuan, and the price once fell to a low of 13865 yuan in the afternoon, and then continued to launch a shock rebound, rising to a high of 13980 yuan
before closing.
It closed at 13,960 yuan, down 45 yuan, or -0.
32%.
Index holdings decreased by 5,698 lots to 689,000 lots, and trading volume shrank to 348,000 lots
.
In terms of the external market, the LME aluminum March contract opened low and went low, opening low at $1930, rising to $1930.
5 and then diving and falling all the way to $1922, rebounding slightly before the afternoon close, but finally still closed at the lowest price, the afternoon price was volatile, but still dipped to a minimum of $1915.
5 before the close, closing at $1917.
5, down $14, or -0.
72%.
In terms of market: the mainstream trading hours of the spot market are active during the mainstream trading hours, and the demand for low-level replenishment after the downstream holiday increases, so the holders also pay a large premium in the morning to ship goods, the market supply is tightened, coupled with traders' views on the future market, the market trading performance is more active
.
The afternoon rebounded, traders began to adjust prices and shipments, and market transactions remained active
.
At present, the aluminum market after a sharp adjustment, the long and short sides are more cautious, in the expectation of increasing production and supply pressure, if there are no further measures to reduce production capacity, Shanghai aluminum will still fall in the short term, Shandong will launch the relevant aluminum market meeting, the bears closed slightly before waiting for the introduction of relevant policies
.
On the technical side, the main KDJ dead fork of Shanghai aluminum entered the oversold area, the J line turned down, the MACD dead cross opening downward, the current many medium-term moving averages were broken, the lower support is at 13600 yuan, short-term continue to pay attention to the 14000 yuan competition
.
It is expected that the current price spread will narrow slightly but remain at a discount, and Thursday's quotations may rebound to around
the 13,850 yuan / ton level.