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Market review, the base metal trend on Tuesday continued to diverge, of which the Shanghai zinc 1810 contract fell 2%, the decline was higher, the Shanghai aluminum oscillation rose slightly, the 1810 contract traded at 14740-14630 yuan / ton within the day, and closed at 14700 yuan / ton at the end of the day, up slightly by 0.
07% per day, but the current aluminum price effectively runs above the moving average group, and the rebound pattern remains
.
In terms of external trading, as of 15:19 Beijing time, 3-month Lun aluminum was reported at 2077 US dollars / ton, down 0.
12% on a daily basis, and its technical form was slightly weaker than that of Shanghai aluminum
.
In terms of spot, on August 14, Shanghai spot aluminum traded 14530-14540 yuan / ton, discount 30-discount 20 yuan / ton, Wuxi spot transaction 14530-14540 yuan / ton, Hangzhou spot transaction 14540-14550 yuan / ton, holders continued to maintain a strong price sales strategy, but middlemen and downstream fear of heights are strong, dragging some transaction orders higher
.
The Gongyi area continued to maintain a discount of around 100 yuan / ton to 14440 yuan / ton in the East China market, and the transaction in Linyi was around 14510 yuan / ton, and the downstream feedback was mainly based on on-demand procurement, and it was difficult to see a large number of active stocking
.
On the macro front, the Asian dollar index fell into high oscillations and is now trading around 96.
23, close to the year's high of 96.
52
set the previous day.
Emerging market currencies stopped falling and rebounded during the day, with the Turkish lira rising more than 5% against the US dollar, slowing
market panic.
Pay attention to the preliminary GDP of the Eurozone in the second quarter, which is expected to grow by 2.
1%
year-on-year.
In terms of industry, data from the National Bureau of Statistics showed that China's primary aluminum (electrolytic aluminum) production in July was 2.
93 million tons, an increase of 11.
6% year-on-year, and the cumulative output from January to July was 19.
4 million tons, an increase of 3% year-on-year, but lower than the 7.
5% growth rate
in the same period last year.
Overall, Shanghai aluminum continues to oscillate and stabilize, but funds continue to flow out of the aluminum market, and long-short trading tends to be cautious
.
As the US dollar index remains high, the risk of aluminum prices falling increases, but the US concern about Russian aluminum sanctions still exists, which still gives aluminum prices potential upward momentum
.
In terms of operation, it is recommended that the Shanghai aluminum 1810 contract can be backed above 14550 yuan to bargain more, the entry reference is around 14650 yuan, and the target is 14850 yuan / ton
.
