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Today's Shanghai aluminum main contract 1710 rose strongly for the third consecutive day, and the rise further expanded, intraday trading at 16330-15460 yuan / ton, the end of the close rose at 16215 yuan / ton, up 5.
05% daily, so far this week Shanghai aluminum has risen 9.
82%, the performance continues to be stronger than other base metals, continue to be driven by market speculation aluminum market supply-side reform process, the current Shanghai aluminum rebound pattern is still good
.
At the same time, the positive price difference between Shanghai aluminum 1709 and 1710 contracts widened slightly to 120 yuan / ton
.
In terms of external trading, LME aluminum today extended the rally at the beginning of this week, of which 3 months Lun aluminum traded at 2043-2022 US dollars / ton, now up 0.
49% to 2038 US dollars / ton, up to now this week Lun aluminum has risen 6.
81%, hitting a high since November 12, 2004, the current London aluminum from the five-week high oscillation trend, further confirmation that its upside will open
.
On the macro front, the dollar index rebounded overnight, weakly trading around
93.
6 in early trading.
In addition, China's July CPI rose 1.
4% year-on-year, lower than the expected 1.
5%, maintaining 1 era for five consecutive months, while the July PPI rose 5.
5% year-on-year, 5.
6% expected, and the data showed that domestic inflationary pressures were moderate and very controllable
.
In the aluminum market, the Shandong Development and Reform Commission recently issued a document ordering Shandong Weiqiao and Xinfa to shut down 3.
21 million tons
of electrolytic aluminum production capacity.
In terms of the market, on August 9, the trading price of aluminum in Shanghai was concentrated in 15690-15740 yuan / ton, the discount for the month was expanded to 260-240 yuan / ton, Wuxi transaction concentration was 15690-15730 yuan / ton, Hangzhou transaction concentration was 15710-15730 yuan / ton, holders shipped more actively, due to the expansion of spot discounts, so the middleman received goods more actively, waiting for the basis narrowing after the delivery of the month, the main transaction is still concentrated in trading between traders, Downstream aluminum prices continue to wait and see, there are few procurement actions, and the overall transaction situation in East China is slightly better than yesterday
.
The Shanghai aluminum 1710 contract soared strongly to 16215 yuan / ton during the day, a stronger increase than other base metals, accompanied by a sharp increase in positions, indicating that funds are actively pushing up aluminum prices, but in the context of aluminum prices have risen by more than 11.
5% this month, short-term attention to the risk of technical pullback in aluminum prices
.
In operation, short-term long-term chasing needs to be cautious, it is recommended that the Shanghai aluminum 1710 contract can be sold high and low in the range of 16000-16500 yuan, and the stop loss is 200 yuan / ton
each.
