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On Tuesday, the main contract of Shanghai aluminum 1808 continued to fall under pressure, hitting a new low in recent times, closing at 14035 yuan / ton, down 0.
74% on a daily basis, and trading at 14160-13985 yuan / ton within the day, close to the level since April 4 this year, with a cumulative decline of 5.
74%
in the past 10 trading days.
In terms of term structure, Shanghai aluminum continued the positive arrangement of near, low, far and high, among which the positive price difference between the Shanghai aluminum 1808 contract and the 1809 contract slightly widened to 60 yuan / ton, indicating that the downside risk of the forward contract increased
.
In terms of external trading, Asia Lun aluminum continued to decline, of which as of 15:55 Beijing time, the 3-month LME aluminum was reported at 2141 US dollars / ton, down 0.
35% per day, the current Lun aluminum effectively runs under the main moving average group, showing that the upper selling pressure is heavier, and the technical support below is concerned about 2100 US dollars / ton
.
On the macro front, the Asian dollar index fluctuated in a narrow range around 94.
3 and is now trading around 94.
3, marking the fourth consecutive day of correction, down 1.
08%
from the high of 95.
529.
The U.
S.
-China trade crisis escalated again overnight amid reports that the United States was working on plans to prevent companies with at least 25 percent Chinese stakes from acquiring U.
S.
companies
that embraced industry-changing technologies.
In terms of industry, Chinese customs data showed that China's alumina exports in May were 90,000 tons
.
In terms of the market, on June 26, Shanghai aluminum trading concentration was 13910-13970 yuan / ton, the discount for the month was 50-40 yuan / ton, Wuxi transaction concentration was 13910-13970 yuan / ton, Hangzhou transaction concentration was 13980-14000 yuan / ton
.
Aluminum prices fell sharply, the market supply circulation is still sufficient, the downward process of aluminum is conducive to the shipper's liquidation, not conducive to the value preservation of the receiver, middlemen and downstream enterprises have a strong wait-and-see mood, and the overall transaction is poor
.
During the day, Shanghai aluminum 1808 rushed back down to 14035 yuan / ton, continuing the recent decline, indicating that the upper selling pressure was heavier, as China's high primary aluminum production in May and the US dollar index maintained a high level, increasing the risk
of aluminum prices falling.
It is recommended that the Shanghai aluminum 1808 contract can rebound short below 14250 yuan, enter around 14150 yuan, and target 13900 yuan / ton
.
