Shanghai aluminum soared stronger than other base metals

In terms of external trading, Asian Lun aluminum continued to rebound, rising for the fourth consecutive day, but its performance was still weaker than Shanghai aluminum, of which 3-month Lun aluminum rose 0.
46% to 1654 US dollars / ton, hitting a new recent high, close to the high set on April 29 this year, but at present, Lun aluminum has risen for five consecutive weeks, and it is necessary to be wary of technical pullbacks
in the short term.

On the macro front, the U.
S.
dollar index rose slightly overnight and is now trading around 95.
9, and its rebound pattern maintained well
.
In addition, China's Caixin manufacturing PMI fell to 48.
6 in June, a four-month low, and was lower than expectations of 49.
2 and the previous value of 49.
2, the 16th consecutive month below the 50-boom-dry dividing line, indicating that the domestic manufacturing industry continues to shrink.

In terms of market: on July 1, Shanghai aluminum trading concentrated 12920-12940 yuan / ton, and the flat water to the premium of the month was 20 yuan / ton
.
Aluminum is close to the 13,000 yuan / ton mark, the spot market is difficult to accept, the willingness of holders to sell at high is positive, the spot premium has fallen, the spot price has hit a new high this year, the middleman to the day fast forward and fast out to change hands to the downstream, replenishment cautious, downstream fear of heights reached a high, the market wait-and-see mood is strong, the transaction continues to be high price suppressed
.

On the industry front, Malaysia yesterday announced another two-month extension of its bauxite mining ban until September 14, with 5.
4 million tonnes of bauxite still expected to be cleared
at Kuantan as existing stocks remain high.
This move has partially affected the import of raw materials for China's aluminum production, which is conducive to the short-term
strengthening of aluminum prices.

The Shanghai aluminum 1609 contract oscillated to 12590 yuan / ton during the day, which was stronger than Lun aluminum and still effectively stabilized above
the moving average group.
The short-term ban on bauxite development in Malaysia is expected to become a new driving force
for aluminum prices.
It is recommended that the Shanghai aluminum 1608 contract can be backed above 12400 yuan, and the entry reference is around 12500 yuan, and the target is 12750 yuan / ton
.