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On Monday, the main contract of Shanghai aluminum 1709 fluctuated in a narrow range around 14450 yuan / ton, trading at 14510-14375 yuan / ton during the day, and closing at 14455 yuan / ton at the end, up 0.
07% per day, the performance is relatively resistant to Shanghai copper, and at present, Shanghai aluminum is still effectively stable above the moving average group, maintaining more ideas
in the short term.
At the same time, the positive price difference between Shanghai aluminum 1708 and 1709 contracts remained at 95 yuan / ton
.
In terms of external trading, LME aluminum oscillation rose slightly, but still fell into the oscillation finishing platform for more than a week, of which 3 months Lun aluminum trading at 1924-1915 US dollars / ton, now slightly up 0.
31% to 1922 US dollars / ton, the current direction of Lun aluminum long and short operation is not clear, long and short trading cautious
.
On the macro front, the Asian dollar index rebounded, but its gains were very limited, and it is now trading around 94, a new low
since June 23 last year.
In addition, the People's Bank of China will conduct a net release of 220 billion yuan in the open market, a five-week high, including 200 billion yuan of 7-day reverse repurchase operation and 150 billion yuan of 14-day reverse repurchase operation
.
In terms of the aluminum market, as of July 24, SMM statistics domestic electrolytic aluminum social inventory, Shanghai area 271,000 tons, Wuxi 526,000 tons, Hangzhou 85,000 tons, Gongyi 89,000 tons, South China Sea 296,000 tons, the total inventory of the five places is 1.
267 million tons, an increase of 10,000 tons
from last Thursday.
In terms of the market, on July 24, Shanghai aluminum trading concentrated 14180-14190 yuan / ton, the discount for the month was 150-140 yuan / ton, Wuxi transaction concentrated 14180-14190 yuan / ton, Hangzhou transaction concentrated 14190-14210 yuan / ton
.
Downstream enterprises only purchase according to just demand, spot discount maintenance at about 150 yuan / ton, middlemen have no profit margin operation, although the carrier shipments are positive, but not due to poor transaction and mainly sold at a reduced price, the overall transaction shows poor consumption, supply and demand deadlock
.
The Shanghai aluminum 1709 contract oscillated to stabilize to 14455 yuan / ton during the day, and the performance was slightly resistant to the decline of Lun aluminum, and the short-term rebound pattern remained good, which means that bulls' confidence has further climbed, as the market hopes that the domestic electrolytic aluminum supply reform will enter the implementation stage
.
However, as domestic primary aluminum production continued to reach a new high in June, it is necessary to be wary of the suppression
of aluminum prices.
The Shanghai aluminum 1709 contract can be backed above 14300 yuan to buy at a pullback, with an entry reference of around 14400 yuan and a target of 14600 yuan
.
