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On Thursday, the main contract of Shanghai aluminum 1710 oscillated and rebounded, performing better than other base metals, trading at 16490-16220 yuan / ton during the day, and closing at 16465 yuan / ton at the end of the day, up 0.
95% per day, close to the year's high of 16620 yuan / ton
set on August 25 this year.
At present, the technical form of Shanghai aluminum is still strong, and the rebound pattern still exists
.
At the same time, the positive price difference between the Shanghai-aluminum 1709 and 1710 contracts narrowed to 75 yuan / ton, indicating that the forward contract performed slightly stagflation
.
In terms of external trading, Asian aluminum oscillation rebound, for the third consecutive day of rise, of which 3 months Lun aluminum trading at 2086-2109 yuan / ton, up 0.
6% from the previous day to 2105 US dollars / ton, nearly a week Lun aluminum fell into high oscillation, short-term long and short trading tends to be cautious, or need to be wary of downside risks
.
On the macro front, the Asian dollar index extended its rebound, indicating that after the gradual release of downside risks, the demand for a technical rebound strengthened, and it is now trading around
92.
9.
U.
S.
ADP employment rose 237,000 in August, far ahead of expectations, the largest increase since March, higher than the expected 185,000, and the US non-farm payrolls data for August due on Friday gave the dollar index momentum
.
In addition, China's official manufacturing PMI in August was 51.
7, up 0.
3% month-on-month, and the manufacturing industry generally maintained a stable and positive development trend
.
In terms of industry, on August 31, SMM statistics domestic electrolytic aluminum social inventory (including SHFE warehouse receipts): the total inventory of aluminum ingots in seven places was 1.
584 million tons, an increase of 54,000 tons
from last Thursday.
In terms of the market, on August 31, Shanghai spot aluminum trading concentrated 16120-16140 yuan / ton, the discount for the month was 230-220 yuan / ton, Wuxi transaction concentration was 16120-16140 yuan / ton, Hangzhou transaction concentration was 16120-16140 yuan / ton, holders of stable shipments, spot discount slightly expanded, traders received goods actively, prepared for the monthly cycle, downstream enterprises purchased on demand, and the overall transaction picked up
from the previous day.
During the day, the Shanghai aluminum 1710 contract oscillation closed up to 16465 yuan / ton, while continuing to run with the reduction and contraction, indicating that funds continued to flow out and the willingness to hold positions declined
.
However, short-term Shanghai aluminum fell into high oscillation, highlighting the repeated long and short trading, cautious sentiment climbed, it is recommended that the Shanghai aluminum 1710 contract can be converted to oscillation operation, in the range of 16200-16550 yuan high sell low suction, stop loss 150 yuan / ton
each.
