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Market review, base metals mostly oscillated and rebounded on Friday, and bearish sentiment fell slightly, indicating that the long-short divergence increased
.
The Shanghai aluminum contract traded at 14640-14535 yuan / ton in 1811 days, and closed at 14585 yuan / ton at the end, up 0.
55% per day, and the support below Shanghai aluminum was 14500 yuan / ton
.
In the external market, as of 15:50 Beijing time, the 3-month Lun aluminum was reported at 2057.
5 US dollars / ton, up slightly by 0.
64% on the day, and the upper rebound resistance focused on 2100 US dollars / ton
.
In terms of spot, Shanghai spot aluminum trading concentration 14500-14520 yuan / ton, the discount of the month 10 yuan / ton to Pingshui, Wuxi transaction concentration 14500-14520 yuan / ton, Hangzhou transaction concentration 14530-14550 yuan / ton
.
Cargo holders have stable and positive shipments, middlemen mainly receive goods for downstream, downstream enterprises prepare goods on weekends, and the willingness to receive goods is positive, and the overall transaction is better
.
On the news, the Asian dollar index continued to fall under pressure, indicating that the upper selling pressure was heavier, and it is now trading around
94.
41.
China's fixed-asset investment rose 5.
3% year-on-year from January to August, lower than expected and the previous month, marking a new low
for the sixth consecutive month.
However, the added value of industries above designated size increased by 0.
52% month-on-month in August, partially offsetting the slowdown in the growth of fixed asset investment
.
In terms of industry, data from the National Bureau of Statistics showed that China's output of ten non-ferrous metals in August was 4.
54 million tons, an increase of 5.
7% year-on-year, and the output of ten non-ferrous metals from January to August was 3,571 tons, an increase of 3.
8% year-on-year, of which the output of primary aluminum (electrolytic aluminum) in August was 2.
84 million tons, up 7.
8% year-on-year, down 3.
07% month-on-month, and the cumulative output of primary aluminum from January to August was 22.
21 million tons, an increase of 3.
5%
year-on-year.
Domestic electrolytic aluminum production continues to expand, indicating an increase in domestic supply, which is not conducive to a further rebound
in aluminum prices.
Overall, the Shanghai aluminum oscillation fell due to the poor performance of a series of economic indicators in China in August, and the further expansion of primary aluminum production in August, but domestic alumina prices remained firm, and domestic aluminum inventories continued to decrease, and it is still necessary to be cautious about the extent of
aluminum price correction.
Operationally, it is recommended that the Shanghai aluminum 1811 contract temporarily take 14,500 yuan / ton as the dividing line, and short-term wait-and-see is the mainstay
.
