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Today's Shanghai aluminum main contract 1707 oscillation rebound, intraday trading at 13980-14080 yuan / ton, the end of the day closed at 14055 yuan / ton, a slight increase of 0.
64%, but has not effectively broken through the upper moving average suppression, its technical form is slightly stronger than other base metals
.
At the same time, the positive price difference between Shanghai aluminum 1706 and 1707 contracts fell to 70 yuan / ton
.
Externally: LME aluminum fell under pressure today, but the performance was still resistant to other base metals and Shanghai aluminum, of which 3-month Lun aluminum slightly fell 0.
39% to 1921 US dollars / ton, the current aluminum price from this round of pullback low of 1862 US dollars / ton rebounded 3.
2%, the upper rebound resistance focus on 1950 US dollars / ton
.
Macro: The Asian dollar index extended its decline and is now trading around 98.
05, a six-month low
.
The data increased the risk
of a decline in the dollar index as the US construction permits fell 2.
5% m/m in April versus a 3.
4% rise in the previous month, while the annualized rate of housing starts fell 2.
6% in April, the second consecutive month, and fell 6.
6% in March, with the annualized total of 1.
172 million housing starts, the lowest since November 2016.
Aluminum industry information, China Nonferrous Metals Industry Association announced that in response to the investigation of aluminum products in the United States, it will be willing to work to maintain a fair and free trade environment
for the global aluminum industry.
Market: On May 17, Shanghai spot aluminum trading concentrated 13820-13850 yuan / ton, the monthly discount was 80-70 yuan / ton, Wuxi spot transaction was 13820-13840 yuan / ton, Hangzhou spot transaction was 13850-13870 yuan / ton
.
Holders have a positive attitude towards shipment, the spot discount continues to expand to 100 yuan, not yet to the discount target of traders, traders still choose to wait, downstream enterprises only purchase according to just demand, the overall transaction is still high price suppressed
.
The Shanghai aluminum 1707 contract rebounded to 14055 yuan / ton during the day, but the upper part is still facing the suppression of the moving average, and short-term operations still need to be cautious
.
In operation, it is recommended that the Shanghai aluminum 1707 contract can be backed above 13850 yuan to bargain price, the entry reference is around 13950 yuan, and the target reference is 14100 yuan / ton
.
