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On Monday, the main contract of Shanghai aluminum 1809 rebounded strongly, the rise expanded significantly, the trading range was 14295-14050 yuan / ton, and the end closed at 14245 yuan / ton, up 1.
35% per day, the largest one-day increase in a month and a half, and is currently trading at the intersection of moving averages, showing that long and short trading is cautious
.
In terms of term structure, Shanghai aluminum continued the positive arrangement of near, low, far and high, of which the positive price difference between the Shanghai aluminum 1808 contract and the 1809 contract narrowed to 70 yuan / ton
.
In terms of external trading, Ashi Lun aluminum weak oscillation, the performance is far weaker than other base metals, of which as of 15:48 Beijing time, the 3-month LME aluminum was reported at 2038 US dollars / ton, down 0.
24% per day, at present, Lun aluminum is still effectively running below the main moving average group, close to the low set on April 5 this year, and the technical support below it focuses on 2000 US dollars / ton
.
In terms of the market, on July 23, Shanghai aluminum trading concentrated 14060-14080 yuan / ton, the discount for the month was 80-60 yuan / ton, Wuxi transaction concentration was 14060-14080 yuan / ton, Hangzhou transaction concentration was 14060-14080 yuan / ton
.
Holders are actively shipped, intraday aluminum soared, downstream enterprises demand is not good, and not optimistic about aluminum prices, wait-and-see sentiment is strong, procurement is less, middlemen take advantage of the time difference in the period aluminum price difference, a small number of traders properly stocked, the overall transaction is slightly worse
.
On the macro front, the Asian dollar index extended Friday's decline and is now trading at 94.
265, marking the second consecutive day
of decline.
On Friday, US President Donald Trump threatened to impose tariffs on all $500 billion of Chinese imports, deepening concerns about the escalation of the Sino-US trade conflict, focusing on existing home sales in the United States in June and the preliminary consumer confidence index of the eurozone in July
.
In terms of industry, China's customs data showed that China's aluminum scrap imports in June were 110,000 tons, down 41.
1% year-on-year, and the cumulative imports of scrap aluminum from January to June were 840,000 tons, down 21.
7% year-on-year, hitting a new low level in the same period since 2015
.
During the day, Shanghai aluminum 1809 rebounded strongly to 14245 yuan / ton, partly boosted by the decline of the US dollar
.
At the same time, the recent domestic aluminum social inventory continued to decrease, which is conducive to the rebound
of aluminum prices.
It is recommended that the Shanghai aluminum 1809 contract can be backed above 14100 yuan to bargain more, enter the market reference around 14200 yuan, and target 14350 yuan / ton
.
