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On Tuesday, the main contract of Shanghai aluminum 1710 oscillated around 16385 yuan / ton for the third consecutive day, trading at 16530-16250 yuan / ton during the day, closing at 16385 yuan / ton, up 0.
06% per day, and the daily closing price was close to the high set on October 24, 2011, although the daily increase was far less than that of Shanghai nickel and Shanghai copper, but the overall rebound pattern remained good
.
At the same time, the positive price difference between Shanghai aluminum 1709 and 1710 contracts widened slightly to 100 yuan / ton
.
In terms of external trading, LME aluminum bottomed out, reducing some of the intraday declines, of which 3-month Lun aluminum traded at 2088-2063.
5 yuan / ton, down 0.
24% from yesterday to 2082 US dollars / ton, the daily closing price is close to the high point since September 8, 2014, the last four days Lun aluminum high signs of correction, short-term vigilance of downside risks
.
On the macro front, the Asian dollar index oscillated and rebounded, basically recovering its overnight decline, and is now trading around
93.
3.
The short-term market lacks guidance on key economic data, and the dollar index is under pressure due to the resumption of geopolitical conflicts due to the start of computer simulation military exercises in South Korea and the United States against North Korea's weapons program
.
In terms of industry, data from the International Aluminum Association showed that global primary aluminum production excluding China in July was 2.
173 million tons, an increase of 71,000 tons from the previous month, and China's primary aluminum production in July was 2.
686 million tons, down 245,000 tons
from the previous month.
In terms of the market, on August 22, Shanghai aluminum trading concentrated 16060-16070 yuan / ton, the monthly discount 210-190 yuan / ton, Wuxi transaction concentration 16060-16070 yuan / ton, Hangzhou transaction concentration 16070-16090 yuan / ton, the holder of the shipment actively, the circulation of sufficient supply, the period aluminum fluctuation is large, the middleman is cautious and wait-and-see, downstream enterprises have no choice, according to the purchase of just needs, the overall transaction has not improved
.
The Shanghai aluminum 1710 contract oscillated to 16385 yuan / ton during the day, and at the same time, with the reduction and contraction of positions, it showed that funds continued to flow out and the willingness to hold positions declined
.
However, in the context of the strong performance of the overall non-ferrous metals, in operation, the short-term trend can be built long, it is recommended that the Shanghai aluminum 1710 contract can be backed above 16200 yuan to bargain long, the entry reference around 16320 yuan, the target of 16600 yuan / ton
.
