Times Futures: Shanghai Aluminum Continues to Buy at Multiple Lows

On Thursday, Chinalco announced that its alumina price will be raised by 7.6% from RMB 4330/tonne to RMB 4660/tonne. This is a reasonable response after the recent increase in imported alumina prices and confirms the recent price of Shanghai aluminum futures. The start-up market is indeed the result of the joint support of all parties.
After undergoing two consecutive days of rapid pull-ups, Shanghai Aluminum’s major contract futures prices have seen a slight retreat today. From the performance of Shanghai Aluminum in January, the positions were stable, with moderate transactions, and the intraday lows did not break yesterday’s low prices. Strong will to maintain strong. The emergence of such a strong trend in the high spot area in the first half of this year indicates that the short-term prospects for the Shanghai Aluminum futures price to break through are higher, and the target for the upper file is still to see the first line of the high-rebound zone in the second half of last year. Recently, Lian’s aluminum price has risen continuously and has re-emerged. Yesterday’s daily return also returned to the middle of the intermediate upward trend line formed last year, showing that Lun’s aluminum futures prices have shown signs of changing the wide-range oscillatory market trend. After completing the recovery of the early-breaking point of sincerity, both Lun’s aluminum futures prices have changed. Lun Aluminium's price also has the opportunity to challenge the former high-line.

Operational recommendations, Shanghai aluminum continue to hold more, or rely on the past two days low to buy back into the first line.

Wei Hongjie