Experts predict the trend of aluminum futures in Shanghai on the 17th

On May 16th, after the Shanghai Aluminum Group opened slightly higher, it finished lower and ended higher. Industry analysts believe that Shanghai Aluminum is likely to be down. On Monday, May 16, the Shanghai Futures Exchange (SHFE) aluminum main 507 contract opened at 16680 yuan, shock finishing, to close at 16,650 yuan, up 30 yuan; spot 505 contract closed at 16,860 yuan, up 40 yuan. Jiang Fu futures analyst Ding Fujie believes that Shanghai Aluminum has a range of 0-40 points in the quiet trading. Shanghai aluminum into the disk, the transaction is still boring, the main contract al507 once rebounded, but after hitting the 5 day moving average after the resistance fell, the market outlook down the opportunity to increase, support 16,550 yuan, 5 days moving average formation of short-term resistance. Shanghai Jinpeng Futures Analyst Li Ling believes that Lun Aluminum's performance on the 13th is still weak, and the market's downward revision requirements have not yet been met. Combined with the strong influence of the US dollar, aluminum prices have closed at a low price of 1,719 dollars. In terms of fundamentals, spot trading in Europe is not active. On the one hand, high spot prices make consumers wait and see moods are serious. The formation of spot premiums does not have the support of demand, which is only caused by the reluctance to sell spot dealers. Technically, aluminum prices are still testing the effectiveness of the support level at $1720. If $1720 is broken, $1,700 will be the next target. Shanghai Aluminum was flat on the 16th, with a narrow range of fluctuations throughout the day. After the active month opened higher, it did not maintain the upward trend. The weak spot in the South China Sea caused the futures price to exceed the integer number of 17,000. The aluminum price is still trading in the original price range. The price range cannot provide investors with room for profit, and investors are still advised to wait and see.

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