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Today's Shanghai aluminum 1610 contract bottomed out, partially cut the overnight decline, closed at 12230 yuan / ton, slightly up 0.
12% from yesterday's closing price, the current Shanghai aluminum has effectively fallen below the support of M60, short-term or trigger technical selling
.
In terms of external trading, today's Aichilun aluminum rebound weak, weaker than other base metals, of which 3-month Lun aluminum slightly rose 0.
15% to $1618 / ton, down nearly 5% from the previous high of $1709 / ton, continue to effectively run below M60, the risk of decline increases, and the lower support focuses on the integer mark of $1600 / ton
.
Macro: The Asian dollar index continued to rebound, now trading around 96.
1, so far the dollar index has risen 0.
65%, increasing the pressure
on base metals.
However, China's Caixin manufacturing PMI for August edged down to 50 and the official manufacturing PMI rose to 50.
4, indicating a slight expansion of domestic manufacturing activity, slightly stronger than expected, partially offsetting the pressure on the stronger US dollar
.
The market is now focused on Friday's US non-farm payrolls data
.
In terms of market: on September 1, the trading price of Shanghai aluminum was concentrated at 12580-12590 yuan / ton, and the premium for the month was 170-180 yuan / ton
.
Shanghai transactions are mostly concentrated in trading between traders, and the willingness to receive goods downstream is not strong, and the transaction is weaker than yesterday; Wuxi holders are actively shipping, middlemen and downstream enterprises are willing to receive goods compared with yesterday has improved, after 11 o'clock aluminum fell sharply, holders quotations were suppressed, the market fell into a wait-and-see mood before the afternoon, but in recent days downstream enterprise orders have improved, just need to exist objectively, it is expected that bargain bargain trading will continue to improve
.
Today's Shanghai aluminum 1610 contract oscillation rose slightly to 12230 yuan / ton, still running under the key technical support level, and the dollar index continued to rebound, the aluminum rebound momentum is insufficient
.
It is recommended that the Shanghai aluminum 1610 contract can be backed by 12370 yuan / ton at a high altitude, the entry reference is 12300 yuan, and the target is 12100 yuan / ton
.
