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Today's Shanghai aluminum main contract 1709 rebounded strongly, basically recovered yesterday's decline, showing that after its downward risk release, it stabilized significantly, intraday trading at 14345-14500 yuan / ton, the end of the day closed at 14480 yuan / ton, up 0.
91% per day, the current Shanghai aluminum is still effectively stabilized above the moving average group, short-term maintenance of more ideas
.
At the same time, the positive price difference between Shanghai aluminum 1708 and 1709 contracts narrowed to 95 yuan / ton
.
In terms of external trading, LME aluminum today continued to bottom out overnight, for two consecutive days, of which 3 months Lun aluminum trading at 1938-1925 US dollars / ton, now up 0.
31% to 1935 US dollars / ton, currently Lun aluminum running above the moving average group, showing that after the long and short competition, the bulls are mainly
winning.
On the macro front, the Asian dollar index has rebounded weakly, and the dollar index has recently fallen for four consecutive days, now trading around 94.
7, the lowest since September 6 last year, as the market doubts Trump's ability to promote health care and various reforms
.
Watch for the two major U.
S.
crude oil inventory changes tonight, with total housing starts and construction permits in the U.
S.
in June
.
In terms of the aluminum market, UACJ has made an assessment of the North American market, in 2017, the demand for aluminum for body aluminum alone can approach the scale of 1 million tons, and will exceed 1.
5 million tons around 2020, which is still a relatively conservative estimate, so the demand for aluminum alloys in the North American market is very huge
.
In terms of the market, on July 19, the Shanghai transaction concentration was 14130-14160 yuan / ton, the discount for the month was 180-160 yuan / ton, the Wuxi transaction concentration was 14130-14160 yuan / ton, and the Hangzhou transaction concentration was 14160-14170 yuan / ton
.
Cargo holders are still positive in their attitude to shipments, downstream enterprises are bearish, wait-and-see attitude intensified, the transaction is concentrated at 14130-14140 yuan / ton, the end of the day aluminum rapid rise stage, the holder with the price adjustment, the quotation is as high as 14170 yuan / ton, the transaction is slightly active, the overall transaction is cooler than yesterday
.
The Shanghai aluminum 1709 contract oscillated to 14480 yuan / ton during the day, and the short-term rebound pattern maintained well, 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 14250 yuan to buy at a pullback, with an entry reference around 14350 yuan and a target of 14600 yuan
.
