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Trade Service
On Wednesday, base metals continued to diverge, with the Shanghai nickel 1811 contract rising 0.
94%, leading the base metals, while the Shanghai aluminum 1810 contract fell higher, slightly up 0.
61%, trading at 15100-14840 yuan / ton during the day, and closing at 14875 yuan / ton
at the end of the day.
In the external market, as of 16:12 Beijing time, the three-month Lun aluminum was reported at 2134 US dollars / ton, up 0.
07% per day, the performance was stronger than Shanghai aluminum, and the upper rebound resistance focused on 2150 US dollars / ton
.
In terms of spot, Shanghai spot aluminum trading concentrated 14820-14840 yuan / ton, the discount for the month was 70-50 yuan / ton, Wuxi transaction concentrated 14820-14840 yuan / ton, Hangzhou transaction concentrated 14820-14840 yuan / ton
.
Holders are more active in shipments, due to the early afternoon aluminum shock, the operation is appropriate, the basis of the spot to the month can be 80 yuan / ton, the middleman is willing to receive the goods positively, the downstream enterprises are afraid of heights and wait and see sentiment, the overall transaction has not cooled with the price rise
.
On the news front, the Asian dollar index rebounded and is now trading around 94.
86 as the US consumer confidence index rose to a new high
since October 2000 in August.
But the market is still weighed down by concerns about U.
S.
-China trade talks, as U.
S.
President Donald Trump's deadline for public comment on tariffs on $200 billion of Chinese goods is September 5, and the new tariffs could be implemented
later that month.
In terms of industry, CRU said it signed a contract in July to export more than 140,000 tonnes of alumina from China, which is almost three times
the export volume in the whole of last year, CRU said.
Overall, Shanghai aluminum fell under pressure during the day, but still effectively ran above the moving average group, mainly boosted
by the expectation of tight supply of alumina abroad.
At the same time, given the continuous reduction in domestic aluminum inventories, aluminum prices are still expected to oscillate higher
.
Operationally, it is recommended that the Shanghai aluminum 1810 contract can be backed above 14,700 yuan to bargain more, and the entry reference is around 14,800 yuan, and the target is 15,000 yuan / ton
.
