Shanghai aluminum under pressure pullback, short-term trend volatility

In terms of the external market, LME aluminum today under pressure and heavy decline, extending the overnight decline, showing that the upper selling pressure is aggravated, of which 3-month Lun aluminum trading at 1892-1872 US dollars / ton, now down 0.
69% to 1874 US dollars / ton, close to the previous pullback low of 1869 US dollars / ton, the current Lun aluminum initially fell below the moving average group, the technical form is weaker than Shanghai aluminum, because the lower U.
S.
crude oil futures on Lun aluminum pressure even more
.

On the macro front, the Asian dollar index oscillated slightly and is now trading around
97.
7.
The People's Bank of China (PBOC) today withdrew a net withdrawal of 40 billion yuan in the open market, suspending 14-day and 28-day reverse repurchase operations
for two consecutive days.
Watch for US existing home sales data for May tonight
.
In terms of the aluminum market, data from the International Aluminum Association (IAI) showed that in addition to China, the global primary aluminum production in May was 2.
17 million tons, an increase of 60,000 tons month-on-month, and China's primary aluminum production in the same period was 2.
825 million tons, an increase of 59,000 tons year-on-year, indicating that global primary aluminum production continued to increase
in May.

In terms of the market, on June 21, Shanghai aluminum trading concentrated 13760-13770 yuan / ton, the discount for the month was 120-110 yuan / ton, Wuxi transaction concentration was 13760-13770 yuan / ton, Hangzhou transaction concentration was 13760-13770 yuan / ton, after diving, Shanghai quotation 13720-13740 yuan / ton, Wuxi quotation 13720-13740 yuan / ton, Hangzhou quotation 13730-13740 yuan / ton
。 Before the diving, the aluminum is rising, the transaction between traders has a certain degree of activity, the downstream enterprises are afraid of high willingness to receive goods, after the diving, the market is in an uproar, it is difficult to see the transaction, and the overall transaction is relatively cold
.

During the day, the Shanghai aluminum 1708 contract was under pressure to pull back to 13905 yuan / ton, returning to the moving average intertwined operation, showing that long and short trading is cautious and the short-term trend is oscillating
.
It is recommended that Shanghai aluminum continue the range oscillation operation
.
The Shanghai aluminum 1708 contract can be sold high and low in the range of 13850-14100 yuan, and the stop loss is 150 yuan / ton
each.