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Today's Shanghai aluminum main contract 1710 bottomed out, sharply cut the intraday decline, intraday trading at 16090-16440 yuan / ton, the end of the day closed at 16350 yuan / ton, down 1.
03%, the daily closing price is close to the high set on October 24, 2011, intraday performance is not as good as Shanghai zinc and Shanghai nickel, but the overall rebound pattern is still good
.
At the same time, the positive price difference between Shanghai-aluminum 1709 and 1710 contracts remained at 100 yuan / ton
.
In terms of external trading, today's LME aluminum shock rebound, sharply cut overnight losses, showing its strong willingness to rise, bulls continue to exert force, of which 3-month Lun aluminum trading at 2100-2064 yuan / ton, up 1.
4% from yesterday to 2095 US dollars / ton, the daily closing price is close to the high point since September 8, 2014, the upward trend remains good
.
On the macro front, the Asian dollar index fell under pressure and is now trading around
93.
4.
Data released today showed that the price of new commercial housing in 56 cities in China rose month-on-month in July, down from 60 in June, while the data showed that house prices in first-tier cities stabilized in July, and the month-on-month growth rate in second- and third-tier cities fell
significantly.
In terms of aluminum market information, recently, the Malaysian Anti-Corruption Commission said that it will supervise the port nationwide and strictly prohibit the export
of bauxite.
The move would legally prevent any person or entity from exporting the 10 million tonnes of bauxite that Pahang is expected to hold
.
In terms of the market, on August 18, Shanghai aluminum trading concentrated 15960-15970 yuan / ton, the monthly discount 200-190 yuan / ton, Wuxi transaction concentration 15950-15960 yuan / ton, before the plate did not rise, some smelters and individual large traders chose to wait and see, but other traders are still active, the market circulation is sufficient, after the plate rises, more traders join the shipment camp; The willingness of middlemen to receive goods has fallen, downstream enterprises are still passive, according to just need to purchase, there is no sign of preparing for the September peak season, whether the high price leads to the delay in procurement, or the high price inhibits the downstream consumption of the September peak season, still need to continue to track, the overall transaction within the day is slightly worse
than yesterday.
During the day, the Shanghai aluminum 1710 contract fluctuated to 16350 yuan / ton, and at the same time accompanied by the reduction and contraction of positions, indicating that funds continued to flow out, short-term trends oscillated, and long and short trading was cautious
.
However, in the context of the strong performance of the overall non-ferrous metals, operationally, the short-term trend can be built long, it is recommended that the Shanghai aluminum 1710 contract can be backed above 16050 yuan to bargain more, the entry reference is around 16300 yuan, the target is 16700 yuan / ton
.
