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On Tuesday, the main contract of Shanghai aluminum 1711 fell for the second consecutive day, showing that the upper selling pressure was heavier, trading at 16665-16510 yuan / ton during the day, and closing down to 16565 yuan / ton at the end of the day, down 0.
12% on the day, down 0.
6%
from the intraday high.
However, at present, the technical form of Shanghai aluminum is still strong, and the rebound pattern still exists
.
At the same time, the positive price difference between Shanghai-aluminum 1710 and 1711 contracts remained at 100 yuan / ton, indicating that the performance of forward contracts was slightly resistant
.
In the external market, Asian Lun aluminum fluctuated in a narrow range around 2120 US dollars / ton, falling for two consecutive days, and the performance was worse than other base metals, of which 3-month Lun aluminum traded at 2123-2105 yuan / ton, down 0.
09% from yesterday to 2115 US dollars / ton
.
At present, Lun aluminum is operating at a high oscillation level, indicating that long-short trading tends to be cautious
.
On the macro front, the Asian dollar index oscillated slightly and is now trading around 92.
7, showing signs of
stabilization.
In addition, China's Caixin services PMI rose to 52.
7 in August, the highest in three months, while the Caixin composite PMI rose to 52.
4 in August, the highest
in six months, driven by the dual positive manufacturing and service sectors 。 In terms of the industry, a few days ago, the office of the Yunnan Provincial Work Safety Commission triggered the "Yunnan Province 2017 Iron and Steel and Electrolytic Aluminum Industry to Carry out Work Safety Law Enforcement Special Action to Promote the Withdrawal of Backward Production Capacity", which pointed out that the existing normal production steel and electrolytic aluminum enterprises in Yunnan Province will carry out special actions on safety production law enforcement, and complete the hidden danger rectification and acceptance and closure and withdrawal according to law before the end of December
.
In terms of the market, on September 5, Shanghai aluminum trading concentrated 16160-16200 yuan / ton, the discount for the month 200-170 yuan / ton, Wuxi transaction concentration 16160-16200 yuan / ton, Hangzhou transaction concentration 16160-16180 yuan / ton, the shippers shipment strength compared with yesterday has fallen, the plate fluctuates faster, most of the holders of the day to 1710 or 1711 contract quotation, traders are bullish, the willingness to receive goods is very positive, downstream enterprises are affected by environmental protection, Consumption was suppressed, on-demand procurement was the mainstay, and the overall transaction volume picked up
from the previous day.
During the day, the Shanghai aluminum 1711 contract rushed back down to 16565 yuan / ton, showing that the upper selling pressure was heavier, and the performance was worse than other base metals, accompanied by the downward trend of increasing positions and shrinking during the period, showing that the short-term is dominated by bears, and short-term operation ideas may need to change from bias to range operations
.
It is recommended that the main force of Shanghai aluminum can sell high and low in the range of 16450-16650 yuan, and the stop loss is 150 yuan / ton
each.
