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Today's Shanghai aluminum main contract 1708 oscillation slightly rising, but the rebound height is limited, intraday trading at 13640-13505 yuan / ton, the end of the close at 13595 yuan / ton, up 0.
3% daily, performance resistance to copper, but weaker than nickel, the current Shanghai aluminum effective choice to fall to break, the daily closing price hit a new low since January 13 this year, showing that the bears have a clear advantage
.
At the same time, the positive price difference between Shanghai aluminum 1707 and 1708 contracts widened slightly to 55 yuan / ton
.
In terms of external trading, LME aluminum continued its overnight decline today, showing a surge and falling, of which 3-month Lun aluminum traded at 1881-1872 US dollars / ton, now slightly down 0.
21% to 1872 US dollars / ton, a new low in more than 1 month, indicating that the upper selling pressure is heavier, and the technical support below focuses on the previous low of 1862 US dollars / ton
.
On the macro front, the Asian dollar index fell under pressure, partially cutting its overnight gains and is now trading around
97.
36.
The Bank of England issued a policy statement announcing that it kept the benchmark interest rate unchanged at 0.
25%, in line with market expectations, the central bank expects GDP growth to be revised upward to 0.
3% in the first quarter and 0.
4% in the second quarter, and the official start
of Brexit negotiations next Monday.
In the aluminum market, data released by China's National Bureau of Statistics showed that China's alumina production in May was 6.
443 million tons, up 19.
6% year-on-year; From January to May, the output of alumina was 30.
902 million tons, an increase of 20.
8%
year-on-year.
In terms of the market, on June 16, Shanghai spot traded 13450-13460 yuan / ton, spot discount to 1707 contract 100-90 yuan / ton, Wuxi spot transaction 13450-13460 yuan / ton, Hangzhou spot transaction 13460-13480 yuan / ton, spot price increased by 100 yuan / ton compared with yesterday, spot circulation increased significantly, middlemen and downstream also have signs of entering the market to prepare goods, aggravating market transaction activity
.
The Shanghai aluminum 1708 contract rebounded to 13595 yuan / ton during the day, but it still ran below the moving average, indicating that there was still heavy selling pressure
above.
As the Federal Reserve raised interest rates as scheduled and U.
S.
crude oil futures fell under pressure, this time the aluminum price chose to run downward, or triggered technical selling, short orders can still follow the trend
.
It is recommended that the Shanghai aluminum 1708 contract can be backed by 13750 yuan below the sky, the entry reference is around 13630 yuan, and the target is 13450 yuan / ton
.
