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Today's Shanghai aluminum main contract 1710 fell under pressure, sharply cut yesterday's gains, intraday trading at 14930-14660 yuan / ton, the end of the day closed at 14685 yuan / ton, down 1.
11% daily, weaker than other base metals, as the market investment sentiment tends to be calm, but the current Shanghai aluminum rebound pattern is still good, cautious about
the pullback range.
At the same time, the positive price difference between Shanghai-aluminum 1709 and 1710 contracts narrowed to 95 yuan / ton
.
In terms of external trading, LME aluminum fell under pressure today, of which 3-month Lun aluminum traded at 1932-1919 US dollars / ton, now slightly down 0.
29% to 1920 US dollars / ton, close to the level of July 12 this year, the current Lun aluminum fell into a high wide oscillation for the third consecutive week, showing long and short trading cautious
.
On the macro front, the Asian dollar index rebounded weakly and is now trading around 92.
9, still close to the low set on May 2 last year
.
Several Fed officials said that the current weakness in US inflation has weighed
on the dollar index.
In addition, the number of ADP payrolls in the United States increased by 178,000 in July, lower than the expected 190,000, which may mean that the US non-farm payrolls data released on Friday performed poorly
.
In the aluminum market, on August 3, SMM counted electrolytic aluminum stocks (including SHFE warehouse receipts) in five domestic places, totaling 1.
334 million tons, an increase of 51,000 tons
from last Thursday.
In terms of the market, on August 3, Shanghai aluminum trading concentrated 14460-14490 yuan / ton, the discount for the month was 130-120 yuan / ton, Wuxi transaction concentration was 14460-14490 yuan / ton, Hangzhou transaction concentration was 14490-14520 yuan / ton
.
Holders are actively shipping at high prices, middlemen are actively inquiring, but the transaction is limited, downstream enterprises are afraid of heights and wait-and-see sentiment, and the overall transaction is colder
than yesterday.
During the day, the Shanghai aluminum 1709 contract fell under pressure to 14425 yuan / ton, but the decline was weaker than other base metals, indicating that after the short-term aluminum price decline risk was released, the willingness to stabilize and rebound remained, while Shandong Province will limit the production of alumina and electrolytic aluminum, which will bring upward momentum in the later period and will also attract funds to enter
.
In terms of operation, it is recommended that the Shanghai aluminum 1709 contract can be backed above 14300 yuan to bargain long, the entry reference is around 14380 yuan, and the target is 14550 yuan
.
