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Today's Shanghai aluminum 1609 contract rebounded further after yesterday's oscillation stabilized, rising to 12390 yuan / ton at the end of the day, up 0.
49% from yesterday's closing price, and is currently operating effectively above
M60.
In terms of the external market, today's Asian Aluminum oscillation strengthened, of which 3-month Lun Aluminum slightly rose 0.
4% to 1628 US dollars / ton, down 4.
4% from the recent high of 1703 US dollars / ton, partly suppressed by the demand for technical pullback, and the technical support below Lun Aluminum focused on 1600 US dollars / ton
.
On the macro front, the Asian dollar index oscillated and declined, now trading around
96.
9.
The market is currently focused on the ECB interest rate meeting to be announced today, and it is expected to remain on hold
.
In terms of industry, data from the World Bureau of Metal Statistics showed that from January to May this year, the global primary aluminum supply was short of 408,000 tons, and the supply gap expanded by 338,000 tons compared with the same period last year, due to the decline in global primary aluminum production and rising demand
.
From January to May, global primary aluminum production fell by 232,000 tons year-on-year, demand increased by 106,000 tons year-on-year, and the supply shortage was 331,000 tons
last year.
In terms of the market, on July 21, Shanghai aluminum trading concentrated 12630-12650 yuan / ton, and the premium for the month was 120-130 yuan / ton
.
The market atmosphere is more, the volume of aluminum in the month is rising, the holders continue to sell at a high price, Shanghai middlemen are bullish and confident, the willingness to replenish goods is positive, Wuxi middlemen's willingness to replenish goods first rises and then suppresses, downstream enterprises are afraid of further price rise, passive acceptance, the overall transaction is still more active
.
Today's Shanghai aluminum 1609 contract oscillated and rebounded to 12390 yuan / ton, slightly sluggish than other base metals
.
Due to the decline in China's primary aluminum production in the first half of the year as scheduled, the supply pressure on the aluminum market weakened
.
The risk of short-term aluminum price correction is released, or it is expected to oscillate up
.
It is recommended that the Shanghai aluminum 1609 contract can be backed above 12250 yuan to bargain more, the entry reference is around 12350 yuan, and the target is 12500 yuan
.
