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Today's Shanghai aluminum 1607 contract continued to rebound, but the rise narrowed, closing at 12170 yuan / ton, up 0.
41% from yesterday's closing price, slightly less than other non-ferrous metals, but at present, Shanghai aluminum effectively runs above M60, and the technical trend is strong
.
In terms of external trading, Asia Lun aluminum rushed back down, the performance was much weaker than Shanghai aluminum, of which Shanghai aluminum closed only slightly down 0.
06% to 1564 US dollars / ton, the daily closing price fell back to the level of nearly a month ago, nearly 6.
64%
lower than the high of 1686 US dollars / ton in this round of rebound.
On the macro front, the Asian dollar index stabilized and is now trading around 94, as the market has a stronger expectation of the Fed's June interest rate hike, which has put pressure
on non-ferrous metals.
The focus is on the Bank of England interest rate meeting tonight, which is expected to remain unchanged, but watch for future meeting statements
.
In addition, the market is currently focused on a series of Chinese economic data on the 14th, and it is expected to be neutral and bearish
.
In terms of the market, on May 12, Shanghai aluminum trading concentrated 12190-12220 yuan / ton, which was flat water
in the month.
Some aluminum ingots in Shanghai are ready to be shipped to South China with higher prices for sale, the tight supply of goods in East China has not changed, the spot price is flat water, the price has risen all the way, Shanghai downstream consumption has cooled slightly, the overall transaction in Wuxi maintained yesterday's activity, Hangzhou downstream on-demand procurement, East China to Wuxi region transaction is the most active
.
In terms of industry, Rusal's president recently predicted that the overall primary aluminum demand will increase by 5.
7% or 3 million tons in 2016, while the global supply of primary aluminum will decrease, which should support the stability of LME aluminum prices
.
Overall, today's Shanghai aluminum 1607 contract oscillated to 12170 yuan / ton, continuing the short-term technical rebound, or will further attract funds to enter
.
It is recommended that the Shanghai aluminum 1607 contract can be backed by 11950 yuan above the dip to build more, the entry point refers to around 12100 yuan, and the target is 12300 yuan / ton
.
