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Today's Shanghai aluminum 1609 contract oscillated down, falling to 12260 yuan / ton at the end of the day, down 0.
69% from yesterday's closing price, currently running around M60, the trend oscillated
.
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 1608 and 1609 contracts narrowed slightly to 140 yuan / ton
.
Externally: today's Asian Lun aluminum around 1610 US dollars / ton around a narrow range, performance far resisted the fall of other base metals, of which 3 months Lun aluminum slightly rose 0.
03% to 1610 US dollars / ton, intraday performance than Shanghai aluminum significantly stagnation, the current Lun aluminum from the recent high of 1703 US dollars / ton fell nearly 6%, partly suppressed by technical pullback demand, but at present Lun aluminum pullback to around M60, the decline rate is slowing down, short-term need to be vigilant of the pullback risk after the release of stability posed
.
Macro: The Asian dollar index continued to fall to around 96.
3 under pressure, but U.
S.
crude oil futures fell endlessly, partially weighing on the sentiment of the metals market, and the main U.
S.
crude oil contract has fallen nearly 8%
so far this week.
In addition, the BoJ surprised the market by keeping interest rates and QQE unchanged.
In terms of aluminum market industry information, international investment bank Goldman Sachs today released base metal estimates, which are expected to cost $1,500 per ton
in 2017 and 2018.
In terms of market: on July 29, Shanghai aluminum trading concentrated 12630-12640 yuan / ton, and the premium for the month was 180-200 yuan / ton
.
Aluminum release volume declined, as well as weekend and month-end factors, holders are eager to exchange cash, shipment willingness is positive, circulation sources increase, subject to the end of the month bank settlement, coupled with fear of heights, downstream enterprises' willingness to receive goods cooler, at the end of the month and high rise underwater, middlemen maintain low inventory, replenishment willingness is cold, coupled with downstream maintenance of rigid demand, the willingness to receive goods to the downstream is also cool, the overall transaction is suppressed
due to the end of the month.
Today's Shanghai aluminum 1609 contract fell under pressure to 12260 yuan / ton, performing against the decline of other base metals, as aluminum prices face the possibility of stabilization after the release of technical pullback demand
.
In addition, 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 1609 contract can be cautiously long above 12150 yuan, with a target of 12500 yuan
.
