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On Friday, the main contract of Shanghai aluminum 1808 stopped falling and rebounded, closing at 14010 yuan / ton at the end of the day, up 0.
65% on a daily basis, and trading at 14065-13900 yuan / ton within the day, rebounding
from a more than 3-month low set by the previous day.
In terms of term structure, Shanghai aluminum continued the positive arrangement of near low and far high, of which the positive price difference between Shanghai aluminum 1808 contract and 1809 contract remained at 70 yuan / ton, indicating that the forward contract has increased
its willingness to decline.
In terms of external trading, Asian aluminum oscillation slightly down, of which as of 16:12 Beijing time, 3-month LME aluminum reported 2079 US dollars / ton, down 0.
05% daily, at present, Lun aluminum effectively runs under the main moving average group, showing that the upper selling pressure is heavier, and the technical support below it focuses on 2050 US dollars / ton, but its performance is significantly resistant to the decline compared with other base metals, this week Lun aluminum fell 2.
49%, the same period London copper fell 4.
99%.
On the macro front, the Asian dollar index fell slightly under pressure and is now trading around 94.
28, down 1.
3% from this round of rising high of 95.
53, indicating that there is some selling pressure
above.
Chinese customs said that after the U.
S.
tariffs took effect at 12 noon on Friday, China immediately imposed tariffs
on some goods imported from the United States.
The market is currently focused on the US non-farm payrolls
data for June.
In terms of industry, Chinalco announced the implementation of flexible production of part of the alumina production line of Chalco Shanxi New Materials Co.
, Ltd.
, involving an alumina production capacity of about 770,000 tons
.
In terms of the market, on July 6, Shanghai aluminum trading concentrated 13880-13910 yuan / ton, the discount for the month was 30-20 yuan / ton, Wuxi transaction concentration was 13880-13910 yuan / ton, Hangzhou transaction concentration was 13930-13940 yuan / ton
.
The spot discount is small, the inflow of warehouse receipts into the market has increased, the intermediary receiving force has been further weakened, the downstream enterprises are mainly wait-and-see, and the overall transaction has further declined
.
During the day, the Shanghai aluminum 1808 oscillation rebounded to 14010 yuan / ton, which was much stronger than Shanghai copper and Shanghai nickel
.
The recent continuous rise in oil prices has brought some support to aluminum prices, and due to the weak financial attributes of Shanghai aluminum, the Sino-US trade war has not suppressed aluminum prices as well as other base metals, and it is recommended to adopt range oscillation operations
.
It is recommended that the Shanghai aluminum 1808 contract can be sold high and low between 13950-14200 yuan / ton, and the stop loss is 80 yuan / ton
each.
