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Today's Shanghai aluminum main contract 1709 continued to rebound, but fell from the high at the end of the day, cutting part of the intraday decline, the performance is weaker than Shanghai nickel and Shanghai zinc, intraday trading at 14285-14140 yuan / ton, the end of the day closed at 14215 yuan / ton, a slight increase of 0.
21% per day, the current Shanghai aluminum effectively stabilized above the main moving average group, short-term can still hold more ideas
.
At the same time, the positive price difference between Shanghai aluminum 1708 and 1709 contracts remained at 90 yuan / ton
.
In terms of external disk, LME aluminum fell under pressure today, the performance was much weaker than other base metals, of which 3-month Lun aluminum traded at 1905-1894 US dollars / ton, now slightly down 0.
29% to 1894 US dollars / ton, the current London aluminum fell below the main moving average group, indicating that the upper selling pressure is heavier
.
On the macro front, the Asian dollar index is running weakly, maintaining the 0.
32% decline recorded overnight, and is now trading around 95.
7, the current technical form of the dollar index is still weak, and the risk of short-term correction remains
.
In addition, the central bank today carried out 70 billion yuan of reverse repurchase, and 50 billion yuan of reverse repurchase expired, that is, a net investment of 20 billion yuan in the open market, the first net investment
since June 19.
Markets are now focused on tonight's Fed chairman's speech and tomorrow's June trade balance
from China.
In terms of news, it is reported that Alcoa's aluminum smelter near Evansville, Indiana, will restart three series of electrolyzers (the smelter has a total of 5 series of electrolyzers), and the company said that the Trump administration has taken action to address the challenges facing
Alcoa.
The restart plan is expected to be completed in the second quarter of 2018 and will produce 161,400 tons per year after start-up
.
In terms of the market, on July 12, Shanghai aluminum trading concentrated 13950-13970 yuan / ton, the discount for the month was 100-90 yuan / ton, Wuxi transaction concentration was 13950-13970 yuan / ton, Hangzhou transaction concentration was 13970-13980 yuan / ton
.
Holders of stable shipments, close to delivery, spot discount will shrink, middlemen do futures spot arbitrage, the willingness to receive goods is higher than yesterday, downstream enterprises are afraid of high procurement willingness to decline compared with yesterday, the overall transaction is slightly worse than yesterday, mainly concentrated in speculative transactions
.
The Shanghai aluminum 1709 contract oscillation rose slightly to 14215 yuan / ton during the day, which was stronger than Lun aluminum, and the short-term rebound pattern remained good, which means that bulls' confidence further climbed, as the market hoped that the domestic electrolytic aluminum supply reform entered the implementation stage
.
It is recommended that Shanghai Aluminum maintain more ideas
.
The Shanghai aluminum 1709 contract can be held short above 14050 yuan, and the target reference is 14350 yuan
.
