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Base metals fell across the board on Wednesday, of which the Shanghai nickel 1811 contract fell 2.
39%, the decline was higher, and Shanghai aluminum also fell under pressure, the 1810 contract traded at 14675-14535 yuan / ton within the day, and closed at 14540 yuan / ton at the end of the day, down 1.
02% on the day, but the current aluminum price effectively runs above the moving average group, and the rebound pattern remains
.
In the external market, as of 15:38 Beijing time, the 3-month Lun aluminum was reported at 2040 US dollars / ton, down 1.
43% on a daily basis, falling below the moving average group, and the risk of decline increased
.
In terms of spot, on August 15, Shanghai spot trading concentrated 14490-14510 yuan / ton, the month was 10 yuan / ton to Pingshui, Wuxi spot trading concentrated 14490-14510 yuan / ton, Hangzhou spot transaction 14490-14500 yuan / ton
.
The overall transaction activity increased compared with yesterday, and as the futures spot spread narrowed, holders shipped enthusiastically, and intermediaries and downstream procurement also recovered
.
On the last trading day, aluminum futures faced a monthly change, and the price difference narrowed to 60-70 yuan / ton in the next month, and the actual spot transaction center was concentrated at a discount of 80 yuan / ton for the 1810 contract
.
On the news, the Asian dollar index extended its recent rally, rising further to around 96.
7, reaching a high of 96.
874, a new high
for the year.
Although the Turkish lira has stabilized in the past two days, the market is worried that the risk of Turkey's plunge will gradually have a negative impact on the euro area economy, and the EUR/USD dollar is under pressure
.
Watch for US retail sales data for July
.
In terms of industry, as of the end of July, the aluminum inventory of Japan's three major ports increased by 1.
1% month-on-month to 310,400 tons, the fourth consecutive month of increase, an increase of 42,400 tons or 15.
8% year-on-year, and the level of aluminum inventory in July hit a new high in 13 months
.
Overall, Shanghai aluminum is under pressure to decline, funds have flowed out of the aluminum market significantly, and long-short trading tends to be cautious
.
Aluminum prices were also significantly dragged
down as the US dollar index hit new highs for the year, increasing the risk of aluminum prices falling and other base metal choices running downward.
Operationally, it is recommended that the Shanghai-aluminum 1810 contract can be sold high and low in the range of 14480-14650 yuan / ton, and the stop loss is 150 yuan / ton
each.
