On March 30th, the Shanghai aluminum futures contract opened slightly higher, and the shocks rose, with the price slightly higher across the board. Industry analysts believe that aluminum will maintain the interval oscillation, waiting for a breakthrough.
On Thursday, March 30th, the Shanghai Futures Exchange (SHFE) aluminum main 606 contract opened at 20160, closing at 20270 yuan, up 60 yuan; spot 604 contract closed at 19,960 yuan, up 50 yuan.
Shanghai Jinpeng analyst Cao Zhiyi believes that Shanghai Aluminum has opened higher and followed Shanghai copper’s rebound.
On the 29th, LME's March aluminum showed a slight decline, closing at 2518 US dollars/ton, trading at 2537.5-2484, and copper closed at a new high on Wednesday with a strong buying signal in the late afternoon. Relatively speaking, aluminum In a weak market, aluminum inventories fell by 975 tons to 78.045 million tons on the 29th.
On the 30th, Shanghai Aluminum was not affected by the drop in aluminum prices on the outer plate. It opened flat and took a low position on the pregnant line. The period price oscillated around the 60-day line, and there was no sign of shrinking turnover. It is estimated that aluminum will maintain its strong-range oscillation in the near term and wait for the short-term moving average. Further corrections are in place.