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On Wednesday, the main contract of Shanghai aluminum 1809 rushed back down, showing that the upper selling pressure was heavier, the trading range was 14475-14350 yuan / ton, and the end of the day closed at 14385 yuan / ton, up slightly 0.
35%
on the day.
In terms of term structure, Shanghai aluminum continued the positive arrangement of near, low, far and high, in which the positive price difference between the Shanghai aluminum 1808 contract and the 1809 contract slightly widened to 90 yuan / ton
.
In terms of external trading, Asia Lun aluminum around 2080 US dollars / ton around narrow fluctuations, trading is very light, of which as of 16:19 Beijing time, 3 months LME aluminum reported 2078 US dollars / ton, down 0.
02% per day, the current Lun aluminum is still effectively running at the intersection of moving averages, short-term decline risk has weakened, the upper rebound resistance focuses on 2100 US dollars / ton
.
On the macro front, the Asian dollar index fluctuated in a narrow range around 94.
5 and is now trading at 94.
55
.
The preliminary Markit manufacturing PMI in the United States came in at 55.
5 in July, slightly higher than the previous reading of 55.
4, and the market expected 55.
1
.
In addition, Germany's IFO business climate index came in at 101.
7 in July, slightly higher than the expected 101.
5
.
The market is now focused on Friday's second-quarter U.
S.
GDP, which is expected to grow as much as 4 percent
in the second quarter.
In terms of the market, on July 25, Shanghai aluminum trading concentrated 14200-14220 yuan / ton, the discount for the month was 90-80 yuan / ton, Wuxi transaction concentration was 14200-14220 yuan / ton, Hangzhou transaction concentration was 14220-14230 yuan / ton
.
Holders ship normally, some middlemen begin to prepare goods and build warehouses, downstream enterprises demand is not good, do not agree with the price, only according to the just need to purchase, the overall transaction is general
.
In terms of industry, China's customs data showed that China's aluminum scrap imports in June were 110,000 tons, down 41.
1% year-on-year, and the cumulative imports of scrap aluminum from January to June were 840,000 tons, down 21.
7% year-on-year, hitting a new low level in the same period since 2015
.
During the day, Shanghai aluminum 1809 rushed back down to 14385 yuan / ton, indicating that the short-term rebound was blocked
.
However, the recent continuous reduction of domestic aluminum social inventory is still conducive to the rebound
of aluminum prices.
It is recommended that the Shanghai aluminum 1809 contract can be backed above 14250 yuan to bargain price, enter the market reference around 14320 yuan, and target 14500 yuan / ton
.
