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On Wednesday, the main contract of Shanghai aluminum 1808 fell rapidly, the decline has expanded, closing at 14670 yuan / ton, down 1.
48% on a daily basis, intraday trading at 14915-14570 yuan / ton, back to the level at the end of May this year, indicating that the risk of aluminum prices falling increases
.
In terms of term structure, Shanghai aluminum continued the positive arrangement of near low and far high, among which the positive price difference between Shanghai aluminum 1807 contract and 1808 contract narrowed to 65 yuan / ton, indicating that the downside risk of forward contracts increased
.
In terms of external trading, Asia Lun aluminum fell under pressure, of which as of 15:46 Beijing time, the 3-month LME aluminum was reported at 2274 US dollars / ton, down 0.
89% on a daily basis, and the current Lun aluminum fell back to the recent oscillation range, highlighting the cautious long and short trading, and the technical support below it focused on 2250 US dollars / ton
.
In terms of the market, on June 13, Shanghai trading concentrated 14530-14540 yuan / ton, 20 yuan / ton to flat water for the current month, 110-100 yuan / ton for the next month contract, 14530-14540 yuan / ton in Wuxi, and 14560-14580 yuan / ton
in Hangzhou.
Aluminum fell sharply, spot discount to the current month narrowed, but the next month discount to maintain stability, holders of stable shipments, middlemen wait-and-see sentiment is strong, only a small number of traders receive spot to hand over long orders, downstream enterprises maintain on-demand procurement, the overall transaction remains poor
.
In terms of inventory, during the day, the aluminum warehouse receipt of the previous period was 795735 tons, down 2166 tons
from the previous trading day.
As of June 13, LME aluminum stocks fell by 8,775 tonnes to 1153875 tonnes
.
In terms of industries, of all the major industrialized economies in the world, Canada has been the most
negatively affected by the US steel and aluminum tariffs.
Canada is the largest supplier of foreign steel and aluminum products to the United States
.
During the day, Shanghai aluminum 1808 fell under pressure to 14670 yuan / ton, because after the recent continuous decline in alumina, the production cost of primary aluminum declined, thus dragging aluminum prices down, while the US dollar index maintained a strong trend before the interest rate meeting, which was not conducive to the strengthening
of aluminum prices.
Operationally, it is recommended that the Shanghai-aluminum 1808 contract can be backed by 14,850 yuan at a high altitude, with an entry reference of around 14,700 yuan, and a target of 14,600 yuan / ton
.
