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Today's Shanghai aluminum main contract 1708 from the low rebounded strongly, showing that the downside risk was greatly digested, intraday trading at 13725-13940 yuan / ton, the end of the day closed at 13930 yuan / ton, up 0.
25%, its performance is still weaker than copper nickel and other metals, but at present Shanghai aluminum is still running at the interweaving of moving averages, the oscillation pattern has not changed
.
At the same time, the positive price difference between Shanghai aluminum 1708 and 1709 contracts fell to 55 yuan / ton
.
In terms of the external market, LME aluminum continued to be weak at a low level today, performing stagnation in Shanghai aluminum and copper-nickel and other metals, of which 3-month Lun aluminum traded at 1873-1858 US dollars / ton, now slightly up 0.
13% to 1868 US dollars / ton, still close to the previous pullback low of 1855 US dollars / ton, the current Lun aluminum initially fell below the moving average group, the technical form is weaker than Shanghai aluminum, because the decline of US crude oil futures on Lun aluminum more pressure
.
On the macro front, the Asian dollar index oscillated slightly and is now trading around
97.
3.
U.
S.
preliminary durable goods orders fell 1.
1% m/m in May, beating expectations of a 0.
6% decline and a 0.
9%
decline in the previous month.
In addition, data from the National Bureau of Statistics showed that the profits of industrial enterprises above designated size from January to May this year increased by 22.
7% year-on-year, and the growth rate slowed down by 1.
7% from January to April, of which the non-ferrous metal smelting and rolling processing industry increased by 57.
5%.
In the aluminum market, a number of sources involved in the negotiations said on Tuesday that Japanese aluminum buyers have finalized quarterly primary aluminum supply agreements with offshore suppliers, and the aluminum delivered to Japan in the third quarter of this year is a premium of $118-119 per ton from the current LME price, down about 7-8% from the second-quarter level, reflecting the impact
of the decline in spot premiums.
In terms of the market, on June 27, Shanghai aluminum trading concentrated 13590-13600 yuan / ton, the discount for the month was 130-120 yuan / ton, Wuxi transaction concentrated 13580-13600 yuan / ton, Hangzhou transaction concentrated 13590-13600 yuan / ton
.
Smelters are actively shipping, spot discounts are appropriate, traders' willingness to stock up is increasing, downstream enterprises are bargaining for purchases, and the overall transaction still shows a heavier speculative atmosphere
.
During the day, the Shanghai aluminum 1708 contract bottomed out strongly to 13930 yuan / ton, and has not effectively broken through the upper moving average suppression, indicating that the bulls' confidence is slightly insufficient
.
It is recommended that Shanghai aluminum continue the range oscillation operation
.
The Shanghai aluminum 1708 contract can be sold high and low in the range of 13880-14100 yuan, with a stop loss of 150 yuan / ton
each.
