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On Tuesday, base metals were mixed, with the Shanghai aluminum 1810 contract rising 1.
18% strongly, leading the base metals, trading at 14695-15000 yuan / ton during the day, and closing at 14970 yuan / ton, up 1.
18% on the day, and the daily closing price hit a two-and-a-half-month high
.
In terms of external trading, as of 16:21 Beijing time, the 3-month Lun aluminum was reported at 2117 US dollars / ton, up 1.
63% per day, the performance was stronger than Shanghai aluminum, and the upper rebound resistance focused on 2150 US dollars / ton
.
In terms of spot, Shanghai trading concentrated 14640-14650 yuan / ton, discount 60-50 yuan / ton for the month, Wuxi transaction concentrated 14640-14650 yuan / ton, Hangzhou transaction concentrated 14640-14660 yuan / ton
.
Carriers ship goods stably, middlemen receive goods intensively, downstream enterprises purchase on demand, and the overall transaction is average
.
On the macro front, the Asian dollar index retreated and is now trading around 94.
7, as safe-haven demand for the dollar fell
due to a trade deal between the United States and Mexico.
In addition, the central exchange rate of the renminbi against the US dollar was 6.
8052 during the day, up 456 basis points from the previous day, and it rose
for two consecutive days.
In terms of industry, on August 27, the shipment of alumina at two alumina plants in Alcoa and Worsley in western Australia has been delayed
.
Among them, the Alcoa plant and the union did not negotiate, and this week the union voted to decide whether to end the strike
next week.
South32's Worsley alumina plant in Western Australia has affected production of nearly 200,000 tonnes due to maintenance, which continues to exacerbate the tight supply of alumina abroad
.
Overall, Shanghai aluminum rebounded strongly, effectively running above the moving average group, mainly boosted
by the expectation of tight supply of foreign alumina.
At the same time, given the continuous reduction in domestic aluminum inventories, aluminum prices are still expected to oscillate higher
.
Operationally, it is recommended that the Shanghai aluminum 1810 contract can be backed above 14800 yuan to bargain price, enter the market reference around 14920 yuan, and target 15150 yuan / ton
.
