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Today's Shanghai aluminum 1610 contract climbed strongly, closing up to 12780 yuan / ton, up 2.
82% from yesterday's closing price, the daily closing price hit a new high in nearly two months, and the current Shanghai aluminum effectively stabilized above the moving average group, showing its intrinsic willingness to rise
.
At the same time, the term structure of the aluminum market has changed to a positive arrangement of near, low, far and high, and the positive price difference between Shanghai aluminum 1609 and 1610 contracts is 35 yuan / ton
.
In terms of external disk: Asia Lun aluminum fell into a high narrow range of fluctuations, of which 3-month Lun aluminum slightly rose 0.
21% to 1698 US dollars / ton, and hit a new recent high, in the past week Lun aluminum mainly stabilized above M60 oscillation finishing, the current technical form is stronger than other base metals, its upper rebound resistance focus on 1710 US dollars / ton
.
Macro: Today's Asian dollar index oscillation slightly rising, the rebound is still very weak, now trading around 94.
8, because the market expectations for the Fed's September interest rate hike is low, the current dollar index effectively runs below the moving average group, the downside risk increases, conducive to the base metal rebound
.
In the absence of guidance on key events tonight, keep an eye on the dollar index
.
Market: On August 18, Shanghai aluminum trading concentrated 12770-12780 yuan / ton, and the premium for the month was 70-80 yuan / ton
.
Under the sharp rise of aluminum in the month, the spot premium fell back to below 100 yuan / ton, the circulation source in Shanghai remained tight, the downstream had to purchase according to just demand, Wuxi holders shipped at high prices actively, the market atmosphere was more, the middlemen were willing to receive goods positively, the downstream fear of heights chose to wait and see temporarily, and the overall transaction was concentrated among
traders.
Hangzhou holders continued to exchange cash at low prices, and the transaction cooled with the approach of G20
.
The Shanghai aluminum 1610 contract soared strongly to 12,780 yuan / ton, far above the moving average group, and its performance has been stronger than other base metals in the past week, as China's primary aluminum production in July continued to decline, and crude oil futures continued to rise (three consecutive weeks), and the supply-side reform of the aluminum market continued to advance
.
It is recommended that the Shanghai aluminum 1610 contract can be backed above 12,500 yuan, and the entry reference is around 12,650 yuan / ton, and the target is 13,000 yuan / ton
.
