Shanghai Aluminum continues to trend
2024-05-21 13:08:30
Shanghai Aluminum continued to maintain its volatility in the copper market, closing at 2,619 US dollars. The sharp increase in the nickel price narrowed down the fall of other metals. However, the lack of strength in the copper's upward breakout and the lack of cooperation in the trading positions also showed that The copper market is in a dilemma. The fluctuation of the US dollar is still a major factor in the repetition of copper prices. Ge Lao’s mild remarks on inflation and interest rate hikes made the US dollar once again fall into range fluctuations. The current major trigger for market price rebound is still a partial short position, rather than a real buying price to push prices upwards. Copper prices are still not optimistic until the disk appears. The trend of Shanghai copper was basically written by short-term investors. In the process of pushing up, a short-term position was established. After pushing up, the price fell, and copper prices surpassed today's previous highs with the support of rising copper prices. In the subsequent market, the market completed the process of short-term profit reduction. On the whole, Shanghai copper has stabilized, but it still does not have an upward trend. It does not rule out the possibility of further exploration. It is recommended that investors continue to take a wait-and-see attitude in the current sideways movement. Shanghai Aluminum did not have any hotspots throughout the day. The main contract basically revolved around 16,000 yuan. The uncertainty of the policy side suppressed the market. The market did not have obvious signs of financial intervention. In the current state, the Shanghai aluminum section trend remained unchanged. (Li Ling)
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