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Market review, most of the base metals on Tuesday oscillated and rebounded, of which the Shanghai zinc 1810 contract rebounded strongly by 3.
11%, the increase was ahead, and the Shanghai aluminum rose closely behind, the 1810 contract opened high and went high, intraday trading at 14745-14480 yuan / ton, the end of the day closed at 14705 yuan / ton, up 1.
73% daily, the current aluminum price effectively runs above the moving average group, the bulls' willingness to rise climbs
.
In the external market, as of 16:14 Beijing time, the 3-month Lun aluminum was reported at 2062.
5 US dollars / ton, a daily rebound of 0.
22%, and the upper rebound resistance focused on 2100 US dollars / ton
.
In terms of spot, on August 21, Shanghai spot trading concentrated 14540-14550 yuan / ton, the discount for the month was 60-50 yuan / ton, Wuxi spot transaction was 14540-14550 yuan / ton, Hangzhou spot transaction was 14570-14580 yuan / ton
.
There are still many shippers in the East China market within the day, and the market circulation is abundant, but it is still reflected in strong quotations, and the willingness of middlemen to receive goods at low prices is high, while the downstream does not show fear of heights in the context of the approaching consumption season, and the overall transaction in the East China market is acceptable
.
On the news front, the Asian dollar index continued to fall under pressure and is now trading around 95.
55, with US President Donald Trump saying that trade talks with China in Washington this week will not make much progress
.
In terms of industry, data from the International Aluminium Association (IAI) shows that the average daily output of electrolytic aluminum in July 2018 was 176,500 tons, an increase of 2.
7%
year-on-year.
In July, global electrolytic aluminum production was 5.
472 million tons, of which 2.
362 million tons were produced outside China, an increase of 1.
4% year-on-year, marking the 17th consecutive month of positive growth
.
Overall, Shanghai aluminum rebounded strongly, funds flowed into the aluminum market obviously, and long-short trading was active
.
As the dollar index has continued to decline for nearly a week, aluminum prices rose
strongly.
At the same time, given the continuous reduction in domestic aluminum inventories, aluminum prices are still expected to oscillate higher
.
In terms of operation, it is recommended that the Shanghai aluminum 1810 contract can be backed above 14550 yuan to bargain more, the entry reference is around 14650 yuan, and the target is 14850 yuan / ton
.
