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On Tuesday, the main contract of Shanghai aluminum 1709 rebounded strongly, but the increase was inferior to Shanghai copper and Shanghai nickel, the intraday operating range was 14590-14390 yuan / ton, and the end closed at 14570 yuan / ton, up 0.
8% per day, breaking through the high oscillation finishing platform
in nearly a week.
At the same time, the positive price difference between Shanghai aluminum 1708 and 1709 contracts remained at 100 yuan / ton
.
In the external market, LME aluminum oscillation rebounded, of which 3 months Lun aluminum traded at 1925-1910 US dollars / ton, now up 0.
52% to 1922 US dollars / ton, the current London aluminum fell into a high wide oscillation for the second consecutive week, showing that long and short trading is cautious, the technical form is weaker than other base metals and Shanghai aluminum
.
On the macro front, the Asian dollar index extended its low and narrow range and is now trading around 93.
95, close to the low set on June 23 last year
.
In addition, the preliminary Markit manufacturing in the United States came in at 53.
2 in July, higher than the expected 52.
2 and 52 in the previous month, but the preliminary Eurozone manufacturing PMI came in at 56.
8 in July, worse than the expected 57.
2 and the previous reading of 57.
4
.
In the aluminum market, the Ministry of Industry and Information Technology said that China's electrolytic aluminum and other industries have made positive progress
in resolving excess capacity.
In terms of the market, on July 25, Shanghai aluminum trading concentrated 14330-14350 yuan / ton, the discount for the month was 140-120 yuan / ton, Wuxi transaction concentrated 14330-14350 yuan / ton, Hangzhou transaction concentrated 14360-14380 yuan / ton
.
Metal collective rise, aluminum futures break through the recent bottleneck, holders are more active in high shipments, market circulation is excessive, middlemen use the space of aluminum to find suitable entry points, downstream enterprises are afraid of heights, wait-and-see sentiment is strong, and the overall transaction is cold
.
During the day, the Shanghai aluminum 1709 contract oscillated to 14570 yuan / ton, and the short-term rebound pattern remained good, 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, due to the fact that domestic primary aluminum production continued to reach a new high in June, aluminum prices did not perform as well as other base metals
.
The Shanghai aluminum 1709 contract can be backed above 14350 yuan to buy at a pullback, with an entry reference around 14480 yuan, and a target of 14750 yuan
.
