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Wednesday Shanghai aluminum main contract 1707 low open low, the decline significantly expanded, intraday trading at 14025-13710 yuan / ton, the performance is far worse than copper and zinc, the end of the close at 13715 yuan / ton, the daily plunge of 2.
63%, the current Shanghai aluminum chose to break down, indicating that the upper selling pressure is heavier, the risk of decline increases
.
At the same time, the positive price difference between Shanghai aluminum 1706 and 1707 contracts narrowed to 35 yuan / ton
.
External: LME aluminum fell under pressure, falling for three consecutive days, of which 3 months Lun aluminum traded at 1936-1909 US dollars / ton, now down 0.
88% to 1914 US dollars / ton, but the current Lun aluminum technology form is stronger than Shanghai aluminum, the technical support below is 1900 US dollars / ton
.
Macro: The U.
S.
dollar index extended its nearly one-week low overnight, while Asian trading near a more than six-month low was near a more than six-month low as the ECB discussed abandoning its easing preference at its June 8 policy meeting and raising its economic risk assessment
.
In addition, China's official manufacturing PMI came in at 51.
2 in May vs 51 expected and 51.
2
previously.
Aluminum industry information, it is reported that a global aluminum producer reported to Japanese buyers that the third quarter aluminum premium was $123 / ton, down 4%
quarter-on-quarter.
Market: On May 31, the Shanghai transaction concentration was 13730-13750 yuan / ton, the discount for the month was 90-70 yuan / ton, the Wuxi transaction concentration was 13730-13740 yuan / ton, and the Hangzhou transaction concentration was 13750-13770 yuan / ton
。 Dragon Boat holiday aluminum ingot inventory is expected to increase slightly, Shanghai aluminum to make up for the decline of the Dragon Boat market, smelters wait-and-see sentiment breeding, shipments less, Wuxi Weiqiao brand supply less, transaction price slightly higher than Pu aluminum, concentrated 13750-13760 yuan / ton, traders shipments are more active, middlemen are mainly for downstream enterprises to receive goods, subject to month-end financial factors, speculation ratio is also decreasing, the first day of the return of the Dragon Boat Holiday spot price fell sharply, coupled with the financial factors at the end of the month, downstream enterprises have wait-and-see, the overall transaction supply
。
The Shanghai aluminum 1707 contract opened low and plummeted to 13,715 yuan / ton during the day, indicating that short-term aluminum prices have chosen to run downward, getting rid of the oscillating trend
of nearly a month.
It is suggested that the Shanghai aluminum 1707 contract can be backed by 13,900 yuan below the sky, and the entry reference is around 13,800 yuan, and the target is 13,600 yuan / ton
.
