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On Tuesday, the main contract of Shanghai aluminum 1809 continued to rebound, rising for the third consecutive day, performing much stronger than other base metals, trading in the range of 14575-14415 yuan / ton, closing at 14540 yuan / ton, up 0.
87% per day, and the daily closing price hit a new high
since June 14 this year.
In terms of term structure, Shanghai aluminum continued the positive arrangement of near, low, far and high, among which the positive price difference between Shanghai aluminum 1808 contract and 1809 contract widened to 90 yuan / ton
.
In terms of external trading, Asia Lun aluminum rushed back down, weaker than other base metals and Lun aluminum, of which as of 16:06 Beijing time, 3-month LME aluminum reported 2072 US dollars / ton, down 0.
22% per day, the current Lun aluminum is still effectively running at the intersection of moving averages, the short-term decline risk has weakened, and the upper rebound resistance focuses on 2100 US dollars / ton
.
In terms of the market, on July 31, Shanghai aluminum trading concentrated 14390-14400 yuan / ton, the discount for the month was 80-70 yuan / ton, Wuxi transaction concentrated 14390-14400 yuan / ton, Hangzhou transaction concentrated 14390-14410 yuan / ton
.
Traders are willing to sell, the market bullish sentiment is getting stronger, coupled with the belief that the discount shows no signs of expansion, the willingness of middlemen to receive goods is positive, downstream enterprises purchase according to just demand, and the overall transaction maintains the activity
between traders.
On the macro front, the Asian dollar index fluctuated in a narrow range around 94.
3 and is now trading around 94.
34, and the market is now waiting for this week's Fed interest rate meeting for more rate hike signals
.
In addition, the central exchange rate of the renminbi against the dollar was 6.
8165, and the depreciation rate slowed significantly, approaching a new high
since June 27 last year.
Industry: In the first half of 2018, China's electricity consumption increased by 9.
4% year-on-year, and China's National Energy Administration held a press conference
on the 30th.
According to the national energy situation released, China's electricity consumption in the first half of 2018 was 3,229.
1 billion kWh, a year-on-year increase of 9.
4%, an increase of 3.
1 percentage points over the same period last year, a new high
in six years.
During the day, Shanghai aluminum 1809 rebounded strongly to 14540 yuan / ton, performing better than other base metals
.
Recently, domestic aluminum social inventory has continued to decrease, which is still conducive to the rebound
of aluminum prices.
It is recommended that the Shanghai-aluminum 1809 contract can be backed above 14350 yuan to bargain hunt, enter the market reference around 14480 yuan, and target 14650 yuan / ton
.
