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Today's Shanghai aluminum 1610 contract climbed strongly, rising to 12345 yuan / ton at the end of the day, up 0.
94% from yesterday's closing price, but Shanghai aluminum has not effectively stood above M60, and the short-term trend is volatile
.
At the same time, the term structure of the aluminum market changed 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 140 yuan / ton
.
Externally: Today's Asian Lun aluminum rebound weak, weaker than other base metals, of which 3-month Lun aluminum slightly fell 0.
37% to 1611 US dollars / ton, more than 5% lower than the previous high of 1709 US dollars / ton, continue to effectively run below M60, the risk of decline increased, as U.
S.
crude oil futures continued to fall this week (cumulative decline of 8.
6%), Lun aluminum below support to focus on the integer mark of 1600 US dollars / ton
.
Macro: The Asian dollar index rose slightly and is now trading around 95.
7, but basically maintained its overnight decline, as the ISM manufacturing index fell to 49.
4 in August, lower than expectations of 52 and 52.
6 previously, and poor manufacturing data lowered expectations of the Fed's September interest rate hike
.
The market is currently focused on tonight's US non-farm payrolls data for August, which is expected to increase by 180,000 people, which is positive for the dollar index
.
In terms of aluminum market information, it is reported that automobile manufacturers plan to cut production, and Japan's automotive industry aluminum demand in the fourth quarter may enter the winter ahead of schedule
.
Market: On September 2, Shanghai aluminum trading concentrated 12690-12710 yuan / ton, and the premium for the month was 170-180 yuan / ton
.
Shanghai Wuxi inventory increased slightly, aluminum futures rose, holders shipped positively, Shanghai downstream demand was still weak, and transactions did not pick up; Wuxi downstream weekend stocking, receiving strength compared with yesterday, aluminum recently fell sharply, middlemen cautiously waited, willingness to receive goods slightly hesitant, the transaction is mainly concentrated downstream
.
Today's Shanghai aluminum 1610 contract oscillation rose to 12345 yuan / ton, still running under the key technical support level, and the US dollar index continued to rebound, the aluminum rebound momentum is insufficient
.
It is recommended that the Shanghai aluminum 1610 contract can be cautiously short below 12370 yuan / ton, and the target is 12200 yuan / ton
.
