Shanghai aluminum fell under pressure and performed weaker than other base metals

In terms of external trading, today's Asian Lun aluminum around 1620 US dollars / ton narrow fluctuations, performance weaker than Shanghai aluminum, of which 3 months Lun aluminum rose 0.
03% to 1628 US dollars / ton, the current Lun aluminum fell into a high oscillation for nearly a week, showing that its upward momentum is insufficient, short-term oscillation operating range focus on 1600-1650 US dollars / ton
.

On the macro front, the Asian dollar index continued its overnight decline and fell further to around
95.
9.
The final annualized quarterly rate of U.
S.
GDP in the first quarter rose by 1.
1%, better than expected and the previous reading, improving the demand outlook
for the aluminum market to some extent.
China's Caixin manufacturing PMI
for June will be released this Friday.

In terms of the market, on June 29, Shanghai aluminum trading concentrated 12630-12650 yuan / ton, the premium for the month 80-100 yuan / ton
.
Shanghai's circulation supply continues to be tight, spot premiums expand, Shanghai holders sell at high prices, Wuxi and Hangzhou holders ship steadily, middlemen are difficult to have profit margins to replenish, downstream does not recognize prices, supply and demand tug-of-war again
.
Month-end two-day note factors still affect the market
.

Today's Shanghai aluminum 1608 contract oscillation fell slightly to 12365 yuan / ton, weaker than Lun aluminum, and still effectively stabilized above
the moving average group.
As the market is expected to expand domestic electrolytic aluminum production, thereby limiting the upside
of aluminum prices.
It is recommended that the Shanghai aluminum 1608 contract can be sold high and low between 12450-12200 yuan, and the stop loss is 100 yuan / ton
each.