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Today's Shanghai aluminum 1610 contract rebound weak, basically maintained the overnight decline, sorted out to 12390 yuan / ton, down 0.
6% from yesterday's closing price, the current Shanghai aluminum is still stable on the moving average group, the technical form is obviously strong
.
External: today's Ashi Lun aluminum around 1645 US dollars / ton around a narrow range, of which 3 months Lun aluminum slightly rose 0.
21% to 1645 US dollars / ton, this week Lun aluminum mainly stabilized above M60 oscillation finishing, the weekly operating range of 1666-1634 US dollars / ton, the range of fluctuations narrowed significantly, the upper rebound resistance focused on 1700 US dollars / ton
.
Macro: The Asian dollar index oscillated slightly today, trading around 95.
7, but basically maintained its overnight decline, as the Fed's interest rate hike pressure fell as many central banks around the world cut interest rates one after another, and the dollar index has fallen 0.
57%
this week.
At present, the market is focused on a series of China's economic indicators for July, including industrial added value and investment growth, which will be released on Friday, and a series of Chinese economic data released in the first half of the week are bearish, increasing domestic economic downside concerns
.
In terms of market: on August 11, Shanghai aluminum trading concentrated 12630-12640 yuan / ton, and the premium for the month was 10-20 yuan / ton
.
Spot premiums fell further, Shanghai holders shipped steadily, but because the "Yulin" brand was still in transit, there were fewer sources of goods in circulation, middlemen and downstream did not recognize high quotations, supply and demand were deadlocked, and other brands traded generally
.
Wuxi holders actively shipped, Wuxi local spot prices have been discounted for the month, middlemen have disagreements on the future market trend, downstream enterprises purchase on demand, and the overall transaction is average
.
Today's Shanghai aluminum 1610 contract oscillated to 12390 yuan / ton, still effectively stabilized above the moving average group, indicating that the upward momentum of Shanghai aluminum remains, partly boosted by the tightening spot supply before the Hangzhou G20 summit
.
It is recommended that the Shanghai-aluminum 1610 contract can cautiously hold short long positions above 12250 yuan, and the target is 12550 yuan
.
