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On Monday, the Shanghai aluminum main 1707 contract opened slightly higher to 13880 yuan after the price fluctuated at a high level, but then fell back to the average price line above 13780 yuan, and the price came under pressure again to 13720 yuan in the afternoon, and then weakened again after a slight rebound before the close, closing at 13745 yuan, down 75 yuan, or -0.
54%.
Index holdings increased by 12,482 lots to 593,000 lots, and the trading volume expanded to 311,000 lots
.
Externally, the LME aluminum March contract opened at $1931.
5, then edged higher at $1933.
5, after which the price came under pressure and fluctuated in a narrow range, and the price fell as low as $1919.
5 in the afternoon, rebounding
slightly before closing.
As of the Asian market closed, it closed at $1925, down $6.
5, or -0.
34%.
In terms of the market, the mainstream trading hours of the spot market turned cold, the overall performance of the market was relatively flat, the attitude of the holders in the morning premium turned soft, and the dense trading period was mainly based on discount shipments, but the downstream aluminum plant orders reduced to affect the impact of demand, the trading situation was not ideal, the aluminum price stabilized in the afternoon, the holders actively quoted, but the demand was weak and the shipment was not smooth
.
In terms of news, the unexpected weakening of the US non-farm payrolls data on Friday evening weakened the US dollar, and non-ferrous commodities temporarily stabilized, but due to the surge of more than 5% in Shanghai aluminum inventories last week, showing poor market demand and oversupply made aluminum prices weak
.
In the short term, after the sharp decline in aluminum market holdings last week, there is no favorable stimulus, and the narrow range shock situation is more likely to continue
.
On the technical side, the main KDJ dead fork and MACD dead cross of Shanghai aluminum face short-term support
at 13,600 yuan.
It is expected that the current price spread will continue to maintain a large discount on tomorrow day, and the quotation may fall to around
13600 yuan / ton tomorrow.