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LME aluminum ran high on Wednesday, as of 15:08 Beijing time, 3-month Lun aluminum was reported at $1822 / ton, up 0.
08%
per day.
The main 1908 contract of Shanghai aluminum fluctuated to the upside, with the highest 13820 yuan / ton and the lowest 13690 yuan / ton within the day, and the closing price of 13815 yuan / ton, up 0.
51% from the closing price of the previous trading day; The trading volume was 132,300 lots, an increase of 50,396 lots per day, and the position was 217,400 lots, an increase of 8,544 lots
per day.
The basis was reduced to -95 yuan/ton; The price difference between Shanghai aluminum in 1908-1909 narrowed to -30 yuan / ton
.
Market focus: The market is watching the congressional testimony of Fed Chairman Jerome Powell, in addition, the Fed will also publish the minutes
.
China's Ministry of Commerce said that the leaders of the high-level Sino-US economic and trade consultations spoke on
the evening of the 9th.
At the end of June 2019, China's domestic bauxite inventory was about 10.
7 million tons, a decrease of about 7.
5% month-on-month and an increase of about 5.
3%
year-on-year.
At the end of June, the number of days for China's domestic bauxite inventory to be dematerialized was about 37 days, shortened by 8 days
from the previous month.
According to statistics from the China Passenger Transportation Association, the domestic narrow passenger car market sales reached 1.
766 million units in June, a year-on-year increase of 4.
9% and a month-on-month increase of 11.
6%.
Spot analysis, on July 10, spot A00 aluminum quotation 13700-13740 yuan / ton, the average price of 13720 yuan / ton, up 10 yuan / ton
from the previous trading day.
According to reports, the activity of the East China market in the morning was acceptable, but due to the large increase in aluminum prices later, the transaction in the second trading stage turned weak, although the holders under the high price actively shipped, but the middleman was difficult to recognize the price, and the two sides traded deadlocked
.
The downstream is still purchasing on demand, and the receipt of goods is flat
.
Warehouse receipt inventory, Shanghai aluminum warehouse receipts totaled 156041 tons on Wednesday, a daily increase of 505 tons; On July 9, LME aluminum inventory was 948,650 tons, a daily decrease of 7,925 tons, a continuous decline of 43 days
.
The main 1908 contract of Shanghai aluminum fluctuated upward during the day
.
The US dollar is strong, while alumina prices continue to weaken, which has put some pressure on aluminum prices, but the decline in downstream aluminum inventories shows a slight recovery in demand, which supports aluminum prices
.
In terms of spot, the activity of the East China market in the morning was acceptable, but due to the large increase in aluminum prices later, the transaction in the second trading stage turned weak, although the holders at high prices actively shipped, but the middlemen were difficult to recognize the price, and the two sides traded
deadlocked.
Technically, the main 1908 contract of Shanghai aluminum crossed the 10-day moving average, and the daily MACD appeared a golden cross, which is expected to fluctuate more
in the short term.
