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Today's Shanghai aluminum 1609 contract rebounded strongly, rising to 12345 yuan / ton at the end of the day, up 2.
28% from yesterday's closing price, basically recovering the larger decline recorded at the beginning of the week, the daily closing price returned to the level of last Thursday, the current Shanghai aluminum bottomed out at M60, showing that there is strong technical support below, and the upper rebound resistance focuses on 12500 yuan
.
External: today's Asian aluminum oscillation rebound, of which 3 months Lun aluminum slightly rose 0.
41% to 1601 US dollars / ton, intraday performance than Shanghai aluminum significantly stagnation, the current Lun aluminum from the recent high of 1703 US dollars / ton fell nearly 6%, partly suppressed by technical pullback demand, but at present Lun aluminum pullback to around M60, the decline slowed down, short-term need to be vigilant of the pullback risk after the release of the possibility
of stabilization.
Macro: The Fed kept interest rates unchanged as scheduled in the early hours of this morning, and the interest rate decision did not induce the market to strengthen expectations of the Fed's interest rate hike, the dollar index fell under pressure, and the dollar index extended its decline in early trading, now trading around
96.
3.
After market uncertainty was removed, the overhang selling pressure on base metals abated
.
Market: On July 28, Shanghai aluminum trading concentrated 12620-12640 yuan / ton, and the premium for the month was 200-220 yuan / ton
.
Aluminum rebounded in the month, holders of high shipment willingness positive, enthusiasm for receiving goods decreased compared with yesterday, in order to promote transactions, actively reduce prices, middlemen believe that this wave of rebound is short-term behavior, wait-and-see sentiment is strong, downstream enterprises only low inventory just need to receive goods, fear of heights is strong, the overall transaction high price is suppressed
.
Intraday Shanghai aluminum 1609 contract climbed strongly to 12345 yuan / ton, the performance is much stronger than other base metals, due to the aluminum price technical pullback demand after the release of the possibility of stabilization, and the US dollar index under pressure to give aluminum prices a strong upward momentum, in addition to the domestic aluminum inventory continued to decline, fell to a new low
since November 2011.
It is recommended that the Shanghai aluminum 1609 contract can be backed above 12100 yuan to bargain more, the entry reference is around 12250 yuan, and the target is 12500 yuan
.
