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Today's Shanghai aluminum 1610 contract fell under pressure, falling to 12310 yuan / ton, down 0.
61% from yesterday's closing price, but the daily closing price is still close to the level of July 18 this year, and the current Shanghai aluminum rose above the moving average group, and the technical form is obviously strong
.
At the same time, the term structure of the aluminum market maintained a negative arrangement of near high and far low, and the negative price difference between Shanghai aluminum 1609 and 1610 contracts slightly widened to 120 yuan / ton
.
External: Today's Asian Lun aluminum oscillation retreated, but the decline was relatively limited, of which 3-month Lun aluminum slightly fell 0.
15% to 1639 US dollars / ton, the performance resistance to other base metals, the current Lun aluminum is still effectively stabilized above M60, up 3.
21% from the recent low of 1588 US dollars / ton, and the upper resistance is concerned about 1700 US dollars / ton
.
On the macro front, the U.
S.
dollar index extended its rally early today, rising further to around 96.
5, while U.
S.
crude oil futures fell slightly, but basically maintained its overnight gains
.
In addition, China's CPI rose 1.
8% year-on-year in July, and PPI fell 1.
7% year-on-year, further narrowing the year-on-year decline, but it was 53 consecutive months of decline, indicating that the risk of domestic deflation remains
.
In terms of industry, Chinalco intends to acquire 60% of the equity of Chinalco Shanghai, hoping to use the function of Shanghai financial center to enjoy various preferential policies
of the Shanghai Free Trade Zone.
In terms of the market, on August 9, Shanghai aluminum trading concentrated 12670-12680 yuan / ton, the premium for the month was 100-120 yuan / ton
.
Shanghai holders control the intensity of shipments, Wuxi holders are increasingly willing to exchange cash, spot prices are lowered with the market, aluminum in the later period stabilizes and rises, spot prices do not rise with the market but continue to decline, Hangzhou arrivals increase, holders have a positive attitude towards shipments, the high level of aluminum falls to increase the bearish sentiment of middlemen and downstream, the willingness to receive goods has not recovered, and there are few inquiries at the end of Wuxi trading, and the overall transaction is blocked
in the wait-and-see.
It is also reported that Hangzhou downstream enterprises need to stop work during the G20 period, but the signs of rushing ahead of time are not obvious
.
The overall market premium continued to decline in the later period
.
Today's Shanghai aluminum 1610 contract oscillation slightly fell to 12310 yuan / ton, but the performance was obviously resistant to other base metals, and re-stabilized above the moving average group, indicating that after the release of Shanghai aluminum downside risk, the upward momentum increased, partly boosted by the tightening spot supply before the Hangzhou G20 summit
.
It is suggested that the Shanghai aluminum 1610 contract can be backed above 12,100 yuan to make up for the long orders that were previously reduced, and the entry reference is around 12,250 yuan, and the target is 12,500 yuan
.
