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Today, the main contract of Shanghai aluminum 1708 fell under pressure, partly dragged down by the decline of other base metals in the surrounding area, especially Shanghai nickel fell 2.
64%, Shanghai aluminum intraday trading at 14160-14005 yuan / ton, the end of the day closed at 14040 yuan / ton, down 0.
64%, but at present, Shanghai aluminum is still stable above the main moving average group, short-term can still hold more ideas
.
At the same time, the positive price difference between Shanghai aluminum 1708 and 1709 contracts narrowed to 75 yuan / ton
.
In terms of external trading, LME aluminum fell under pressure today, of which 3 months Lun aluminum traded at 1928-1919 US dollars / ton, now down 0.
31% to 1921 US dollars / ton, last week Lun aluminum has rebounded 3.
08%, the performance is stronger than Shanghai aluminum, the current Lun aluminum is still stable above the moving average group, the technical form is stronger than other base metals
.
On the macro front, the Asian dollar index fluctuated in a narrow range around 96, basically maintained its overnight rally, and is now trading around
96.
1.
In addition, the final Markit manufacturing PMI in the United States in June was 52, the lowest since September 2016, and the expectation was 52.
1, compared with a preliminary value of 52.
1, and the data showed that the pace of US manufacturing expansion slowed
.
In the aluminum market, it is reported that Xinjiang electrolytic aluminum production has been reduced, and 950,000 tons of illegal production capacity is expected to be shut down
in July.
In terms of the market, on July 4, Shanghai aluminum trading concentrated 13850-13870 yuan / ton, the discount for the month was 110-100 yuan / ton, Wuxi transaction concentrated 13850-13870 yuan / ton, Hangzhou transaction concentrated 13850-13870 yuan / ton
.
Dongfang hopes that due to production cuts, the source of circulating goods in the East China market this week has decreased rapidly, other smelters have shipped normally, traders have actively shipped at high prices, aluminum is downward, spot is not timely with adjustment, spot discount is slightly narrowed, middlemen have no room for operation, downstream enterprises are afraid of heights and only purchase according to just demand, and the overall transaction supply exceeds demand
.
During the day, the Shanghai aluminum 1708 contract was under pressure to pull back to 14040 yuan / ton, but still maintained a short-term rebound pattern, which means that bulls' confidence is still sufficient, as the market hopes that the domestic electrolytic aluminum supply reform will enter the implementation stage
.
It is recommended that Shanghai aluminum change from oscillation operation to more ideas
.
The Shanghai aluminum 1708 contract can be backed by 13880 yuan above the dip, the entry reference is around 14000 yuan, and the target reference is 14250 yuan
.
