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Today's Shanghai aluminum 1610 contract oscillated stabilization, closing at 12430 yuan / ton, up 1.
1% from yesterday's closing price, and the current Shanghai aluminum re-standing above the moving average group, indicating its intrinsic willingness to rise
.
At the same time, the term structure of the aluminum market maintained a negative arrangement of near high and far low, and the negative spread between Shanghai aluminum 1609 and 1610 contracts narrowed to 80 yuan / ton
.
External: today's Asian aluminum oscillation slightly rose, continuing the overnight rally, of which 3 months Lun aluminum rose slightly 0.
3% to 1680 US dollars / ton, and hit a new recent high, nearly a week more Lun aluminum mainly stabilized above M60 oscillation finishing, the current technical form is stronger than other base metals, the period above the rebound resistance focus on 1700 US dollars / ton
.
Macro: Today's Asian dollar index is under pressure, now trading around 94.
9, currently effectively running below the moving average group, increasing downside risk, conducive to the rebound
of base metals.
In addition, today's Tangshan once again restricted production, triggering a collective surge in ferrous metals, which is conducive to improving market sentiment
.
In terms of aluminum market industry information, Zhang Bo, executive director and CEO of China Hongqiao, the world's largest aluminum producer, said yesterday that the group's production capacity can reach up to 6.
5 million tons this year, and the current production capacity is 5.
9 million tons
.
Market: On August 16, Shanghai aluminum trading concentrated 12600-12620 yuan / ton, and the discount for the month was 100-120 yuan / ton
.
Aluminum was changed to 1609 contract in the same month, the spot price returned to the premium state of the month, and the Shanghai holders sold back at a high price, and the supply and demand were re-sawed, and the downstream was purchased according to just demand; Wuxi cargo holders shipped steadily, spot prices fell from yesterday, middlemen were willing to replenish goods at low prices, downstream stocking willingness increased, and transactions warmed up compared with yesterday; Hangzhou holders are willing to exchange cash, the spot price has further declined, has been lower than Wuxi spot price, downstream stocking has increased slightly, the transaction is slightly better than yesterday
.
The overall low-price transaction is warmer
than yesterday.
The Shanghai aluminum 1610 contract oscillated to stabilize to 12430 yuan / ton, re-stabilizing above the moving average group, and its performance has been stronger than other base metals in the past week, as China's primary aluminum production in July continued to decline, and the supply-side reform of the aluminum market continued to advance
.
It is recommended that the Shanghai aluminum 1610 contract can be cautiously held above 12250 yuan, and the target is 12550 yuan / ton
.
