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On Monday, Shanghai aluminum fell under pressure, the 1607 contract fell to 12275 yuan / ton at the end of the day, down 1.
29% from Friday's closing price, the current Shanghai aluminum returned to the average intertwined operation, failed to effectively break through the upper average suppression, showing that the aluminum price rose weakly, short-term operating range focus on 12100-12400 yuan / ton
.
In terms of external trading, Asian Lun aluminum continued to decline, of which Shanghai aluminum closed London aluminum fell 0.
74% to 1537 US dollars / ton, has not got rid of the range oscillation finishing platform in the past week, its daily closing price is still close to the level of a month ago, the current Lun aluminum from this round of rebound high of 1686 US dollars / ton fell 8.
88%.
Macro aspects: At the G7 meeting in Japan over the weekend, the risk of Brexit complicates
the global economic environment.
On the issue of exchange rate fluctuations, the G7 emphasized the previous consensus to avoid competitive devaluation of currencies, but there are large differences
between the United States and Japan on the fluctuation of the yen exchange rate.
In addition, the dollar index continued to trade higher around 95.
2, and the rebound pattern maintained well, adding to the downward pressure
on base metals.
Market: On May 20, Shanghai aluminum trading concentrated 12480-12510 yuan / ton, and the premium for the month was 10-30 yuan / ton
.
Holders control shipments, especially with the rebound after the aluminum touches low, the attitude of holders to sell prices rises and becomes more resolute, middlemen and downstream enterprises are willing to receive goods at low prices, after the spot price rises, middlemen and downstream are difficult to find low-price sources, the willingness to receive goods has declined, the overall transaction first rises and then suppresses, and the high level shows a tug-of-war
.
Overall, Shanghai aluminum fell under pressure during the day, due to the heavy pressure of ferrous metals, which suppressed the market investment atmosphere
.
At the same time, the US dollar index has maintained a relatively strong position recently, increasing the downward pressure
on base metals.
It is recommended that the Shanghai aluminum 1607 contract temporarily reduce the position and leave the market, and it is recommended to sell high and low between 12450-12180 yuan, and the stop loss is 100 yuan / ton
each.
