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Today's Shanghai aluminum 1703 contract bottomed out, closing at 13600 yuan / ton at the end of the day, down 160 yuan / ton from yesterday's settlement price, down 1.
16% per day, the position decreased by 2978 lots, and the trading volume was 156072
.
In addition, the positive price difference between Shanghai aluminum 1702 and 1703 contracts remained at 70 yuan / ton, indicating that the forward contract has a strong
willingness to resist decline.
Externally: Asian Lun aluminum oscillation declined, of which the 3-month Lun aluminum fell to 1825 US dollars / ton, now trading around
1828 US dollars / ton.
In terms of positions, on February 3, Lun Aluminum held 706,000 lots and reduced its position by 4,656 lots, indicating that the long high took profits and the short position prevailed
.
Macro: The Asian dollar index rose unilaterally, recovering the 100 mark, reaching a maximum of 100.
24
.
The central bank suspended the open market reverse repurchase operation for the third consecutive day today, and 120 billion yuan of reverse repurchase operation will expire today, indicating that the central bank's monetary policy remains neutral and prudent
.
Aluminum industry information, Rio Tinto recently announced in the production report that the production of bauxite, alumina and aluminum in 2016 exceeded expectations
.
Bauxite production in 2016 was 47.
7 million tonnes, up from the target of 47 million tonnes set in October last year and up 9%
from 2015.
Market: On February 7, Shanghai aluminum trading concentrated 13240-13250 yuan / ton, the discount for the month was 250-240 yuan / ton, Wuxi transaction concentration was 13230-13240 yuan / ton, Hangzhou transaction concentration was 13230-13250 yuan / ton
。 Smelter shipments weakened compared with yesterday, holders sold at a high price, spot discount narrowed with it, but middlemen can still get profits through the buying and selling period, the willingness to receive goods is very positive, downstream profile enterprises to start work after fifteen, strip and cable enterprises just started, the overall downstream procurement is still weak, the overall transaction is mainly from the contribution
of traders.
The Shanghai aluminum 1703 contract fell for four consecutive days
during the day.
Fundamentally, the latest LME inventory data fell to 2249125 tonnes, the lowest since
January 16 last year.
On the technical side, the pullback of four consecutive trading days has released short energy to a certain extent, and the position has remained stable during the four-day negative period, and the overall should not be too bearish
.
In terms of operation, it is recommended that the Shanghai aluminum 1703 contract refer to 13500 yuan / ton for long, and the stop loss reference is 13200 yuan / ton
.
