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Today's Shanghai aluminum main contract 1708 bucked the trend, the performance is much stronger than other base metals, intraday trading at 14220-14020 yuan / ton, the end of the close at 14170 yuan / ton, up 0.
93% per day, the current Shanghai aluminum effectively stabilized above the main moving average group, short-term can still hold more ideas
.
At the same time, the positive price difference between Shanghai aluminum 1708 and 1709 contracts widened to 95 yuan / ton
.
In terms of external trading, LME aluminum fluctuated in a narrow range today, trading is very light, of which 3 months Lun aluminum trading at 1933-1924 US dollars / ton, now slightly up 0.
08% to 1929 US dollars / ton, this week Lun aluminum performance is weaker than Shanghai aluminum, because the driving force of aluminum prices is to accelerate the clearing of aluminum excess capacity in Xinjiang, but at present, Lun aluminum is still stable above the moving average group, the technical form is stronger than other base metals
.
On the macro front, the Asian dollar index fluctuated in a narrow range around 96, basically maintained its nearly three-day rally, and is now trading around
96.
1.
In addition, China's Caixin services PMI in June was 51.
6, the second lowest in more than a year and lower than 52.
8 in May, with the new business index hitting a 13-month low, indicating a significant slowdown
in the expansion of China's service sector.
In the aluminum market, it is reported that Xinjiang electrolytic aluminum production has been reduced, and 950,000 tons of illegal production capacity is expected to be shut down
in July.
In terms of the market, on July 4, Shanghai aluminum trading concentrated 13850-13870 yuan / ton, the discount for the month was 110-100 yuan / ton, Wuxi transaction concentrated 13850-13870 yuan / ton, Hangzhou transaction concentrated 13850-13870 yuan / ton
.
Dongfang hopes that due to production cuts, the source of circulating goods in the East China market this week has decreased rapidly, other smelters have shipped normally, traders have actively shipped at high prices, aluminum is downward, spot is not timely with adjustment, spot discount is slightly narrowed, middlemen have no room for operation, downstream enterprises are afraid of heights and only purchase according to just demand, and the overall transaction supply exceeds demand
.
The Shanghai aluminum 1708 contract rebounded strongly to 14170 yuan / ton during the day, and the short-term rebound pattern remained good, which means that bulls' confidence has further climbed, as the market hopes that the domestic electrolytic aluminum supply reform will enter the implementation stage, especially the acceleration of the elimination of excess electrolytic aluminum capacity in Xinjiang
.
It is recommended that Shanghai Aluminum maintain more ideas
.
The Shanghai aluminum 1708 contract can be backed above 13950 yuan to bargain price, the entry reference is around 14100 yuan, and the target reference is 14350 yuan
.
