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Today's Shanghai aluminum main contract 1710 fell from the high, intraday trading at 16460-15925 yuan / ton, the end of the day closed at 16085 yuan / ton, down 0.
8% on the day, down 2.
28% from the intraday high, so far this week Shanghai aluminum rose 8.
94%, the performance continues to be stronger than other base metals, continue to be driven by market speculation aluminum market supply-side reform process accelerated, the current Shanghai aluminum rebound pattern is still good
.
At the same time, the positive price difference between Shanghai aluminum 1709 and 1710 contracts narrowed to 100 yuan / ton
.
In terms of external trading, LME aluminum fell into high oscillations for the second consecutive day today, of which 3-month Lun aluminum traded at 2040-2017 US dollars / ton, now slightly up 0.
25% to 2028 US dollars / ton, up to now this week Lun aluminum has risen nearly 7%, hitting a high since November 12, 2004, the rise is obvious
.
On the macro front, the Asian dollar index rebounded and is now trading around 93.
7, still close to its low since May 2016
.
Today, the People's Bank of China conducted a 7-day reverse repurchase operation of 50 billion yuan and a 14-day reverse repurchase operation of 40 billion yuan in the open market, continuing to release liquidity
to the market.
At the same time, it is also necessary to pay attention to China's July credit data
during the day.
In the aluminum market, on August 10, SMM statistics domestic electrolytic aluminum social inventory (including SHFE warehouse receipts): Shanghai area 275,000 tons, Hangzhou area 90,000 tons, Wuxi area 589,000 tons, South China Sea 325,000 tons, Gongyi area 94,000 tons, the total inventory of the five places is 1.
373 million tons, an increase of 39,000 tons
from last Thursday.
In terms of the market, on August 10, the current aluminum trading price in Shanghai was concentrated in 15850-15860 yuan / ton, the discount for the month narrowed to 200-180 yuan / ton, Wuxi trading concentrated 15840-15850 yuan / ton, Hangzhou trading concentrated 15850-15860 yuan / ton, after the futures fell, there was basically no price difference in East China, the market quotation fell from 15810 yuan / ton all the way to 15770 yuan / ton before the close, and the discount for the current month's contract remained at 200-180 yuan / ton, and the discount for the current month contract remained at 200-180 yuan / ton / ton level, but basically no one to receive goods, so there are few transactions, the overall transaction in East China is relatively light, one is due to the narrowing of the basis, the middleman has almost no arbitrage space, the willingness to receive goods is not strong, the second is that the downstream is still afraid of high aluminum prices, coupled with poor orders, so there are fewer
procurement actions.
During the day, the Shanghai aluminum 1710 contract fell under pressure to 16085 yuan / ton, the decline was relatively limited, because aluminum prices continued to rise after facing the demand for technical pullback, and at the same time, with the reduction of positions and contraction, it also showed that funds actively exited the market
.
Against the background that aluminum prices have risen by more than 10.
5% this month, short-term attention is paid to the risk
of technical correction in aluminum prices.
In operation, short-term long-term chasing needs to be cautious, it is recommended that the Shanghai aluminum 1710 contract can be sold high and low in the range of 15900-16400 yuan, and the stop loss is 200 yuan / ton
each.
