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On Tuesday, base metals fell across the board, bearish sentiment climbed, and the Shanghai aluminum 1811 contract fell under pressure, trading at 14945-14800 yuan / ton during the day, and closing at 14830 yuan / ton at the end of the day, down 0.
64%
on the day.
In terms of external trading, as of 15:50 Beijing time, the 3-month Lun aluminum was reported at 2083 US dollars / ton, down 0.
36% on a daily basis and 0.
36% on a daily basis, and the technical support below focused on 2050 US dollars / ton
.
In terms of spot, Shanghai traded 14690-14710 yuan / ton, discounted 40-20 yuan / ton for the month, Wuxi concentrated 14690-14710 yuan / ton, Hangzhou 14710-14720 yuan / ton
.
The shipment intensity of cargo holders has improved, the receipt of goods by middlemen has decreased slightly, and downstream enterprises purchase on demand, and the overall transaction is general, mainly concentrated among
traders.
In terms of news, the Asian dollar index oscillated and rebounded, now trading around 95.
4, up more than 3%
on a daily basis.
Markets remain weighed down by concerns about U.
S.
-China trade talks, as U.
S.
President Donald Trump's deadline for public comment on tariffs on $200 billion of Chinese goods is September 5, and new tariffs could be implemented
later that month.
In terms of industry, according to Japanese buyers, an aluminum producer offered fourth-quarter shipping aluminum prices to Japanese buyers at $115/mt compared with the London Metal Exchange (LME) spot price, CIF Japan, down 13% from the premium of $132/mt in the third quarter, but has not yet been confirmed by the producer, although the quarterly premium fell 13% reflects concerns that U.
S
.
sanctions against Russian producer RUSAL will curb global ingot supply.
Overall, Shanghai aluminum fell under pressure, but its performance was far more resistant to the decline than other base metals, mainly boosted
by the expectation of tight supply of alumina abroad.
At the same time, given the continuous reduction of domestic aluminum inventory, aluminum prices are still expected to fluctuate strongly
.
Operationally, it is recommended that the Shanghai aluminum 1811 contract can be backed above 14720 yuan to bargain price, enter the market reference around 14800 yuan, and target attention to 14950 yuan / ton
.
