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On Tuesday, base metals continued to diverge, with bearish sentiment slipping slightly, indicating a widening
divergence between bulls and bears.
Among them, Shanghai zinc fell 0.
94% under pressure, the weakest performance, and after the Shanghai aluminum gap opened, it cut some of the intraday gains, and the 1811 contract traded at 14680-14850 yuan / ton within the day, and closed at 14720 yuan / ton at the end, up slightly by 0.
07%
on the day.
At present, aluminum runs at the intersection of multiple moving averages, highlighting the caution
of long and short trading.
In the external market, as of 16:03 Beijing time, the three-month Lun aluminum was reported at 2092 US dollars / ton, up slightly by 0.
75% on the day, and the upper rebound resistance focused on 2150 US dollars / ton
.
In terms of spot, Shanghai trading concentration was 14600-14630 yuan / ton, the discount for the month was 30-10 yuan / ton, Wuxi transaction concentration was 14600-14630 yuan / ton, Hangzhou transaction concentration was 14620-14640 yuan / ton
.
Smelter shipment attitude improved, market circulation sources increased, spot discount slightly expanded, middlemen were hesitant to receive goods, spot prices were more stable in the near future, downstream enterprises were more willing to purchase, and the overall transaction was slightly better than the previous day
.
On the news front, the Asian dollar index continued to fall under pressure and is now trading around 94.
94, as expectations of a Brexit deal in the coming weeks have warmed up, causing the pound and euro to rebound
.
In the short term
, the market focuses on China's M1 and M2 growth rates in August.
In terms of industries, metal mining agencies said that if the United States imposes aluminum sanctions, aluminum prices could exceed the seven-year high in April
.
With markets outside China already running deficits, if Rusal is unable to supply the metal, it will "lead to a massive shortage" and buyers in the market will begin to turn to alternative aluminium
.
Overall, the Shanghai aluminum oscillation rose slightly, and rumors that Rusal may cut output may still aggravate the volatility of aluminum prices, but domestic alumina prices remain firm
.
And domestic aluminum inventories continue to decrease, and the decline in aluminum prices may be limited
.
Operationally, it is recommended that the Shanghai aluminum 1811 contract can be backed above 14520 yuan to bargain price, the entry reference is around 14690 yuan, and the target is 14800 yuan / ton
.