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Today's Shanghai aluminum 1612 contract continued to rebound, further higher, closing up at 12495 yuan / ton, its closing price up 0.
6%
from yesterday.
At the same time, the term structure of the aluminum market maintained a negative arrangement of near high and far low, and the negative spread between Shanghai aluminum 1611 and 1612 contracts widened to 215 yuan / ton, indicating that the recent contract willingness to rise is strong, partly boosted by tightening inventories
.
In terms of external trading: Asian Lun aluminum got rid of the trend of high weak finishing, oscillating higher, of which 3-month Lun aluminum rose 0.
69% to 1672 US dollars / ton, for the fifth consecutive day of rise, so that Lun aluminum effectively stabilized above the moving average group, but the short-term Lun aluminum RSI indicator rose to the overbought area, need to be vigilant about technical correction needs, short-term operating range focus on 1700-1650 US dollars / ton
.
Macro: The Asian dollar index retreated and is now trading around 95.
2, overnight data showed that the annualized monthly rate of new home sales in the United States fell 7.
6% in August, a lower than expected 8.
3% decline, and the data showed that the recovery of the US housing market slowed
.
In addition, the profits of China's industrial enterprises above designated size increased by 19.
5% in August, up from 11% in July, and the cumulative year-on-year increase from January to August was 8.
4%.
The growth rate of industrial profits has improved significantly, improving the market's economic growth prospects
for China.
Industry: It is reported that the power workshop of Keao Aluminum Company implemented a full stop operation
on the rectifier unit of the electrolytic aluminum production system at 3:15 pm on the 22nd.
At this point, the electrolytic aluminum production line of the group company was all shut down
.
Market: On September 27, Shanghai aluminum trading concentrated 13210-13230 yuan / ton, and the premium for the month was 490-500 yuan / ton
.
Shanghai, Hangzhou inventory slightly increased, holders of high shipments actively, Wuxi inventory greatly reduced, holders shipments with the positive transaction declined, downstream enterprises due to the National Day holiday stock just demand, have to purchase, middlemen are cautious
in stocking.
In terms of transactions, Wuxi Hangzhou downstream is more willing to receive goods, while Shanghai's transaction is worse
than Wuxi Hangzhou, which just needs support downstream.
Today's Shanghai aluminum 1612 contract oscillation rebounded to 12495 yuan / ton, its rebound pattern maintained well, while the Shanghai aluminum 1610 contract rose significantly stronger than other contracts, and with the recent continuous decline in inventories in the previous period, indicating that the spot is tightening, or Shanghai aluminum remains relatively strong
.
It is recommended that the Shanghai aluminum 1612 contract can be cautiously long above 12350 yuan, with a target of 12550 yuan
.
