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On Monday, the Shanghai aluminum 1610 contract oscillated strongly, rising to 12235 yuan / ton at the end of the day, up 0.
62% from the closing price on Friday.
The term structure of the aluminum market maintained a negative arrangement of near high and far low, and the negative price difference between Shanghai aluminum 1609 and 1610 contracts narrowed slightly to 90 yuan / ton
.
Externally: Yashi Lun aluminum further rebounded, effectively stabilized above the moving average group, of which 3-month Lun aluminum rose 1.
01% to 1656 US dollars / ton, the performance is significantly stronger than Shanghai aluminum, the current Lun aluminum from the recent low of 1588 US dollars / ton up 4.
28%, the daily closing price hit a new high
since July 18 this year.
On the macro front: The U.
S.
preliminary real GDP annualized q/q rose 1.
2 percent, well below expectations of 2.
5 percent, as inventories fell for the first time since 2011, putting further pressure on the dollar index and now trading around
95.
6.
In addition, China's Caixin manufacturing PMI rose sharply to 50.
6 in July, the highest since February 2015, indicating a significant expansion
of manufacturing activity by SMEs.
Market: On August 1, Shanghai aluminum trading concentrated 12630-12650 yuan / ton, and the premium for the month was 150-160 yuan / ton
.
Hangzhou arrived more this week, spot prices fell from last Friday, Wuxi holders are willing to ship positively, Shanghai weekend arrivals are less than Wuxi Hangzhou, Shanghai maintains a lower circulation source, but the market is worried that aluminum ingots in transit will arrive in East China this week to increase the source of aluminum ingots, which will suppress spot prices, coupled with the strong willingness of holders to exchange cash, middlemen and downstream wait-and-see sentiment is strong, and the overall transaction shows Monday characteristics
.
During the day, the Shanghai aluminum 1610 contract oscillation strengthened to 12325 yuan / ton, the performance stagnation was higher than other base metals, but driven by the strengthening of other base metal oscillations, aluminum prices or passively followed, while the domestic aluminum inventory in the previous period continued to decline, falling to a new low since November 2011, which partially supported
aluminum prices.
It is recommended that the Shanghai-aluminum 1610 contract can be cautiously held above 12200 yuan, and the target is 12500 yuan
.
