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On Tuesday, the Shanghai aluminum main monthly 1808 contract opened at 14,000 yuan, with an intraday high of 14,060 yuan and a low of 13,905 yuan, and closed at 14,025 at the end of the day, down 30 yuan / ton
from the previous trading day.
Downstream due to environmental protection and off-season affected by weak demand, the market destocking speed is slow, Shanghai aluminum fell slightly within the day, and aluminum prices continued to fluctuate in
the short term.
In terms of the external market, Lun aluminum opened at 2112 US dollars / ton in the morning, the overall trend of London aluminum in the Asian session was weak, the center of gravity continued to move down, entering the European trading session, Lun aluminum continued to decline and touched 2099 US dollars / ton, but with the US dollar leakage, the base metal began to rebound the market, Lun aluminum once touched 2129 US dollars / ton, as of 18:05, Lun aluminum reported 2127 US dollars / ton, short-term continue to pay attention to the US dollar trend and domestic Shanghai aluminum trend for Lun aluminum guidance
.
In terms of the market, the spot trading price of Yangtze River was 13840-13880 yuan / ton, down 30 yuan / ton; Guangdong South Reserve reported 13900-14000 yuan / ton, down 70 yuan / ton; Hua reported 13940-13960 yuan / ton, down 50 yuan / ton; The average domestic spot trading price is between
13840-13880 yuan / ton.
During the day, the discount quotation of Shanghai aluminum spot market rose steadily compared with the previous day, and the discount quotation narrowed, but affected by the decline in the market, the overall transaction price declined
.
With the bottoming out of the market, although the pessimistic atmosphere of the market still dominates, the price support mentality of cargo holders is gradually strongening
.
In terms of transactions, sufficient supply is mainly based on on-demand procurement, and the overall transaction performance is average
.
On the macro front, the Asian dollar index retreated higher, indicating some selling pressure above, and the yuan plunged 340 points against the dollar to 6.
6497, hitting a new low
in more than 10 months.
The market is now focused on the minutes of the Fed meeting to be released this week and the US non-farm payrolls data on Friday, which if the data is strong, it will raise expectations
of the Fed to raise interest rates this year.
Near July 6, the United States began to impose tariffs on Chinese exports, and Sino-US trade frictions may escalate again, adversely
affecting commodity prices.
At present, in the absence of obvious benefits, aluminum prices will maintain a volatile market
.
