Shanghai aluminum continued to fall during the day and its performance was much weaker than other base metals

Externally: Ashilun aluminum continued to fall under pressure, continuing last Friday's decline, of which 3-month Lun aluminum fell 0.
15% to 1656 US dollars / ton, down 2.
76% from the recent high of 1703 US dollars / ton, partly suppressed by the demand for technical pullback, and the technical support below Lun Aluminum focused on 1600 US dollars / ton
.

Macro: The Asian market dollar index oscillated and stabilized, now trading around 96.
6, the market digested the Turkish coup, short-term lack of focus, trading is relatively light
.
The market is currently focused on Thursday's ECB interest rate meeting, which is expected to remain on hold
.

Market: On July 19, Shanghai aluminum trading concentrated 12650-12670 yuan / ton, and the premium for the month was 90-100 yuan / ton
.
Futures aluminum downward, holders stable shipments, but the price attitude is resolute, spot premium rose slightly, fundamentals are bearish, middlemen are cautious in replenishment, especially in the later stage of the transaction with the decline of the futures market, the willingness to receive goods is cooling, downstream on-demand procurement, the overall transaction is deadlocked under the supply and demand
tug-of-war.

Today's Shanghai-aluminum 1609 contract fell under pressure to 12,280 yuan / ton, which was much weaker than other base metals and weaker than Lun aluminum
.
Due to market concerns about domestic aluminum companies increasing production, increase supply pressure
.
At the same time, the strengthening of the US dollar index increased the downward pressure
on US crude oil futures.
It is recommended that the Shanghai aluminum 1609 contract can be backed by 12450 yuan below the high trend, the entry reference is around 12350 yuan, and the target is 12180 yuan / ton
.