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Trade Service
On Thursday, the main contract of Shanghai aluminum 1808 continued its decline, closing at 13920 yuan / ton, down 0.
25% on the day, and trading at 14045-13860 yuan / ton within the day, and the daily closing price hit a new low
in more than 3 months.
In terms of term structure, Shanghai aluminum continued the positive arrangement of near low and far high, of which the positive price difference between Shanghai aluminum 1808 contract and 1809 contract remained at 70 yuan / ton, indicating that the forward contract has increased
its willingness to decline.
In terms of external trading, Asia Lun aluminum continued to fall under pressure, of which as of 16:06 Beijing time, the 3-month LME aluminum reported 2089 US dollars / ton, down 0.
67% daily, the current Lun aluminum effectively runs below the main moving average group, showing that the upper selling pressure is heavier, and the technical support below is concerned about 2050 US dollars / ton
.
In terms of the market, on July 5, Shanghai aluminum trading concentrated 13950-13970 yuan / ton, the monthly discount 50-30 yuan / ton, Wuxi transaction concentration 13950-13970 yuan / ton, Hangzhou transaction concentration 13970-13990 yuan / ton
.
Cargo holders have stable shipments, large households have increased their receipt of goods compared with the previous day, downstream enterprises still maintain receiving goods according to just demand, and the overall transaction remains active
.
On the macro front, the Asian dollar index fell under pressure and is now trading around 94.
3, down 1.
28% from this round of high of 95.
53, indicating that there is some selling pressure
above.
In addition, market panic rose
as Friday was the deadline for the U.
S.
government to impose tariffs on $34 billion of Chinese imports, and China said it would implement reciprocal retaliatory measures from the same day.
In terms of industry, on July 5, SMM statistics on domestic electrolytic aluminum consumption inventory (including SHFE warehouse receipts): the total inventory of aluminum ingots in consumption was 1.
834 million tons, down 10,000 tons
from last Thursday.
During the day, Shanghai aluminum 1808 rushed back to 13920 yuan / ton, indicating that the upper selling pressure was heavier
.
However, the recent continuous rise in oil prices has brought some support to aluminum prices, and its performance is relatively resistant to decline compared with other base metals, and it is recommended to adopt range oscillation operations
.
It is recommended that the Shanghai aluminum 1808 contract can sell high and low between 13900-14150 yuan / ton, and the stop loss is 80 yuan / ton
each.
