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Today's Shanghai aluminum 1611 contract bottomed out, partially cut the intraday decline, and closed at 11990 yuan / ton at the end of the day, down 0.
17% from yesterday's closing price.
At the same time, the term structure of the aluminum market turned to a negative arrangement of near high and far low, and the negative price difference between Shanghai aluminum 1610 and 1611 contracts widened slightly to 210 yuan / ton, indicating that the willingness of forward contracts to fall has increased
.
Externally: today's Asian aluminum rebound is weak, showing that the upper selling pressure is heavier, of which the 3-month Lun aluminum slightly fell 0.
09% to 1588 US dollars / ton, so that Lun aluminum effectively runs below M60, but the short-term Lun aluminum RSI indicator fell to the oversold area, need to be wary of technical correction needs, the lower support focuses on 1550 US dollars / ton, and the upper rebound resistance is 1650 US dollars / ton
.
Macro: The Asian dollar index continued to fall under pressure today and is now falling to around
94.
8.
In addition, China's imports and exports climbed 10.
8% and 5.
9% year-on-year in August, far better than expected and the previous reading, partially alleviating market concerns about
China's economic downturn.
Tonight, the market is focused on the European Central Bank's interest rate meeting, which is expected to remain on hold
.
In terms of industries, China's exports of unwrought aluminum and aluminum products in August were 410,000 tons, higher than the average export value of 385,000 tons during the year, an increase of 4.
88% month-on-month and 20.
59% year-on-year, but the export of unwrought aluminum and aluminum products from January to August was 3.
08 million tons, still down 3.
9% year-on-year, the ninth consecutive month of decline
.
In terms of market: on September 8, Shanghai aluminum trading concentrated 12590-12600 yuan / ton, the monthly premium was 110-130 yuan / ton, Wuxi transaction concentration was 12590-12600 yuan / ton, Hangzhou quotation concentrated 12630-12640 yuan / ton
.
Today, Shanghai holders ship less, transaction activity is slightly weaker than Wuxi area, Wuxi area downstream to take goods more active, market transaction is acceptable, Hangzhou local holders ship actively, downstream to maintain on-demand procurement, transaction is general
.
Today's overall transaction in East China is significantly better than yesterday
.
Today's Shanghai aluminum 1611 contract oscillation slightly fell to 11990 yuan / ton, the rebound is still weak, in view of the Shanghai aluminum bias space has not changed, it is recommended that the Shanghai aluminum 1611 contract can pay attention to the rebound to 12100 yuan near the short opportunity, the target reference 11850 yuan / ton
.
