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On Friday, the main contract of Shanghai aluminum 1711 broke down, trading at 16475-16150 yuan / ton during the day, and closed at the lowest point of the day at 16150 yuan / ton, down 1.
43% per day, the decline was significantly wider than in recent times, indicating that the upper selling pressure was heavier
.
The short-term rebound pattern has been damaged, and the downside risk has increased
.
At the same time, the positive price difference between Shanghai-aluminum 1710 and 1711 contracts narrowed to 75 yuan / ton, indicating that the willingness of forward contracts to fall has risen
.
In the external market, Ashilun aluminum fell under pressure, falling for the third time in the past four trading days, of which 3-month Lun aluminum traded at 2116-2088 yuan / ton, down 0.
85% from the previous day to 2096 US dollars / ton, back to the level of
a week ago.
At present, Lun aluminum has oscillated from a high level, showing that the short side is mainly dominated by the short side
.
On the macro front, the Asian dollar index continued to fall under pressure, falling for four consecutive days, and is now trading around
92.
08.
The final Markit services PMI in August was 56, down from 56.
9 in the preliminary reading, but higher than the previous reading of 54.
7, the highest since November 2015, indicating that the services sector continues to expand
.
Watch for the ECB interest rate meeting tonight, which is expected to keep interest rates unchanged
.
In terms of aluminum market information, it is reported that Chinalco said that it will strictly implement winter aluminum production capacity restrictions
.
In terms of the market, on September 7, Shanghai spot aluminum trading concentrated 16090-16110 yuan / ton, the monthly discount 100-90 yuan / ton, Wuxi transaction concentration 16090-16110 yuan / ton, Hangzhou transaction concentration 16100-16120 yuan / ton, holders stable shipments, spot discount narrowing acceleration, aluminum consolidation, middlemen for downstream goods to receive goods, downstream enterprises on demand procurement, the overall transaction prosperity weakened
.
During the day, the Shanghai aluminum 1711 contract fell under pressure to 16150 yuan / ton, further confirming that the upper selling pressure was heavier, and the performance was worse than that of Shanghai copper, and the period was accompanied by the operation of reducing positions and releasing volume, showing that the short-term is dominated by bears, and the short-term maintenance is short-term
.
It is recommended that the main force of Shanghai aluminum can be backed by 16,400 yuan below the sky, and the entry reference is around 16,250 yuan, and the target is 16,000 yuan
.
