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On Wednesday, the main contract of Shanghai aluminum 1808 continued to fall under pressure, closing at 14105 yuan / ton at the end of the day, down 2.
12% per day, for five consecutive days, intraday trading at 14475-14070 yuan / ton, back to the level since March 30 this year, with a cumulative decline of 5.
43%.
In terms of term structure, Shanghai aluminum continued the positive arrangement of near low and far high, among which the positive price difference between Shanghai aluminum 1807 contract and 1808 contract narrowed to 60 yuan / ton, indicating that the forward contract has a greater
risk of decline.
In terms of external trading, Ashilun aluminum continued to fall under pressure, of which as of 15:50 Beijing time, the 3-month LME aluminum was reported at 2204 US dollars / ton, down 1.
08% per day, and Lun aluminum fell back below the main moving average group, showing that the upper selling pressure is heavier, and the technical support below is concerned about 2175 US dollars / ton
.
On the macro front, the Asian dollar index oscillated stronger and is now trading around 94.
9, maintaining a high level
.
In addition, the Shanghai Composite Index fell 3.
78% to 2907.
82 points, hitting a low since June 27, 2016, as the United States once again threatened to impose another $200 billion in new tariffs on China, causing panic in the domestic capital market
.
In terms of industry, the American Aluminum Association said it had determined that Chinese ordinary alloy aluminum plate products were sold at a price below fair value in the US market, and the US government decided to impose a preliminary anti-dumping tariff
of 167.
16% on imports of Chinese ordinary aluminum alloy sheet.
In terms of the market, on June 19, the Shanghai transaction concentration was 14200-14330 yuan / ton, the discount for the month was 70-50 yuan / ton, the Wuxi transaction concentration was 14200-14330 yuan / ton, and the Hangzhou transaction concentration was 14340-14360 yuan / ton
.
After the decline of aluminum futures, it is difficult to find shipments in Hangzhou, so the price does not follow the decline on the surface, the holders ship stable, the aluminum upward process, the market transaction is acceptable, but as the aluminum futures continue to decline, the quotations of the holders are chaotic, the middlemen wait and see sentiment is more aligned, Jiangsu Nantong, Changzhou environmental protection inspection, affecting the order volume of downstream enterprises, the overall transaction is poor
.
During the day, Shanghai aluminum 1808 continued to fall to 14105 yuan / ton under pressure, as the escalation of Sino-US trade disputes caused market panic to soar, while China's high primary aluminum production in May and the US dollar index maintained a high level of operation, increasing the risk
of aluminum prices falling.
However, after the aluminum price continues to fall, or face the demand for technical correction, short-term short chasing needs to be cautious, it is recommended that the Shanghai aluminum 1808 contract can be backed by 14350 yuan below the rebound short, the entry is concerned around 14250 yuan, the target is 14000 yuan / ton
.
