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Today, the main contract of Shanghai aluminum 1710 fell under pressure, trading at 16485-16090 yuan / ton during the day, and closed down to 16210 yuan / ton, down 1.
07% per day, its performance was worse than other base metals, especially in the afternoon when Shanghai zinc and Shanghai nickel bottomed out to reduce the intraday decline, Shanghai aluminum rebound was weak, showing insufficient
upward momentum.
However, 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 Shanghai aluminum 1709 and 1710 contracts narrowed to 85 yuan / ton
.
In terms of external trading, LME aluminum fell under pressure today, of which 3-month Lun aluminum traded at 2080-2056.
5 yuan / ton, down 0.
6% from yesterday to 2063 US dollars / ton, the daily closing price is close to the high point since September 8, 2014, the last four days Lun aluminum high signs of correction, short-term vigilance of downside risks
.
On the macro front, the Asian dollar index rebounded and is now trading around
93.
6.
Recently, the People's Bank of China carried out a net withdrawal of funds for three consecutive days, and the overnight money market interest rate hit a two-and-a-half-year high, which led to a decline
in market investment sentiment.
Pay attention to the preliminary manufacturing PMI in Europe and the United States in August, and the expectation is more
neutral.
In terms of industry, customs data showed that China's bauxite imports in July were 6.
14 million tons, down 753,000 tons or 10.
9% month-on-month and up 2.
506 million tons or 68.
9%
year-on-year.
In terms of the market, on August 23, Shanghai spot aluminum trading concentrated 15900-15920 yuan / ton, the monthly discount 190-140 yuan / ton, Wuxi transaction concentration 15900-15920 yuan / ton, Hangzhou transaction concentration 15930-15950 yuan / ton, spot discount narrowed, holders shipped actively, spot price fell below 16000 yuan / ton, some middlemen are willing to receive goods positively, downstream enterprises moderate bargain procurement, the overall transaction is
acceptable.
The Shanghai aluminum 1710 contract fell under pressure to 16210 yuan / ton during the day, and at the same time, it was accompanied by the operation of reducing positions and releasing volume, indicating that funds continued to flow out, mainly intraday trading
.
At the same time, under the pressure of the decline of black varieties, the investment sentiment of industrial products has declined, and the short-term bearish atmosphere is strong
.
It is recommended that the Shanghai aluminum 1710 contract can be converted into oscillation operation, selling high and low in the range of 16000-16450 yuan, and stopping 100 yuan / ton
each.
