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LME aluminum rebounded on Thursday, and as of 15:01 Beijing time, the three-month Lun aluminum was reported at $1823.
5 / ton, down 0.
05%
on a daily basis.
The main 1909 contract of Shanghai aluminum rose sharply, with the highest 13895 yuan / ton and the lowest 13790 yuan / ton within the day, and the closing price of 13890 yuan / ton, up 0.
73% from the closing price of the previous trading day; The trading volume was 124,600 lots, an increase of 14,344 lots per day, and the position was 242,900 lots, an increase of 7,456 lots
per day.
The basis was reduced to -30 yuan/ton; The price difference between Shanghai and aluminum in 1909-1910 narrowed to -50 yuan / ton
.
Market focus: (1) The preliminary Markit manufacturing PMI in the United States in July was 50, the lowest since September 2009, expected to be 51, and the previous value was 50.
6
.
(2) At 19:45 Beijing time on Thursday, the European Central Bank will announce its interest rate decision, and in the face of weak eurozone economic data, the European Central Bank is widely expected to release a dovish signal, and even take a rate cut at this
week's meeting.
(3) The closure of China's 1.
5 million tonnes alumina refinery with an annual capacity will curb alumina oversupply
, Antaco said on Wednesday.
Spot analysis, on July 25, spot A00 aluminum quotation 13840-13880 yuan / ton, the average price of 13860 yuan / ton, up 70 yuan / ton
from the previous trading day.
Aluminum prices rose sharply during the day, a large household received less goods, the holders had limited tickets for the month, and there were not many shipments, and the middlemen still showed obvious willingness to receive goods due to the existence of replenishment and invoice demand, and the market was active due to traders trading driven by trading, and spot prices were firm
.
Downstream fear of heights, basically based on on-demand delivery, calm performance
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 146788 tons on Thursday, a daily decrease of 1621 tons; On July 24, LME aluminum stocks were 953,500 tons, a daily decrease of 6,675 tons
.
Main positions: the top 20 long positions of the main 1909 contract of Shanghai aluminum are 82812 lots, a daily increase of 5016 lots, a short position of 87468 lots, a daily increase of 2073 lots, a net short position of 4656 lots, a daily decrease of 2943 lots, long and short increases, and net space decreases
.
The main 1909 contract of Shanghai aluminum fluctuated during
the day.
The pound and the euro weakened and bullish the dollar, but the US PMI data for July was not good, the dollar was volatile, the upstream alumina plant will shut down 1.
5 million tons of capacity, and the continuous decline in alumina prices may be reversed, which is positive for aluminum prices
.
In terms of spot, aluminum prices rose sharply, a large household received less goods, the holders had limited tickets for the month, and there were not many shipments, and the middlemen still showed obvious willingness to receive goods due to the existence of replenishment and invoice demand, and the spot price was firm
.
Downstream fear of heights, basically based on on-demand delivery, calm performance
.
Technically, the main 1909 contract of Shanghai aluminum crossed the 10-day moving average, and the daily MACD red column grew, which is expected to run strongly in the short term
.
