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Today, the main contract of Shanghai aluminum 1710 rose strongly, and effectively broke through the recent high, intraday trading at 16660-16145 yuan / ton, the end of the day closed at 16520 yuan / ton, up 2.
61%, the daily closing price hit a high since October 24, 2011, intraday performance second only to Shanghai zinc and Shanghai nickel, the current Shanghai aluminum rebound pattern is still good
.
At the same time, the positive price difference between Shanghai-aluminum 1709 and 1710 contracts remained at 100 yuan / ton
.
In terms of external trading, LME aluminum rushed back down today, indicating that there is a certain selling pressure above, but the overall maintenance of overnight up to 2.
07% gain, of which 3-month Lun aluminum trading at 2112-2089 yuan / ton, now unchanged from yesterday at 2091 US dollars / ton, the daily closing price hit a high since September 8, 2014, the upward trend maintained a good
trend.
On the macro front, the Asian dollar index extended its narrow range and is now trading around
93.
5.
The minutes of the Fed's July FOMC monetary policy meeting showed that there is a high probability of announcing the timing of the balance sheet reduction in September, and it is still unclear whether the Fed will raise interest rates again this year, as Fed officials are concerned about low inflation
.
In terms of aluminum market information, data from the World Bureau of Metal Statistics shows that the supply shortage of the primary aluminum market from January to June 2017 was 1.
074 million tons, and the supply shortage was 1.
097 million tons
last year.
In terms of the market, on August 17, Shanghai aluminum trading concentrated 16200-16240 yuan / ton, the discount for the month was 260-190 yuan / ton, Wuxi transaction concentration was 16200-16240 yuan / ton, Hangzhou transaction concentrated 16220-16240 yuan / ton, Hangzhou early shipment, although the later price was raised, but there was almost no transaction
。 Smelter shipments have decreased, traders actively shipped, downstream enterprises are afraid of high purchase willingness is not strong, aluminum first suppressed and then rising, spot discount expanded from 190 yuan / ton to a maximum of 260 yuan / ton, in view of the bullish spot and discount expansion of profit margins, middlemen willingness to receive goods with the rise and increase, the overall transaction is mainly concentrated in traders, difficult to digest aluminum ingot inventory
.
During the day, the Shanghai aluminum 1710 contract soared strongly to 16520 yuan / ton, and with the increase in the volume of position reduction, indicating that intraday trading was active, but the willingness of funds to hold positions declined, and short-term accumulation of pullback risks
.
However, in the context of the overall strong performance of non-ferrous metals, operationally, short-term can follow the trend to build more, it is recommended that the Shanghai aluminum 1710 contract can be backed above 16300 yuan to bargain long, the entry reference around 16400 yuan, the target is 16700 yuan / ton
.
