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On Thursday, base metals generally showed declines and bearish sentiment increased
.
Among them, Shanghai aluminum continued to fall, trading at 14580-14350 yuan / ton within the day, and closing at 14360 yuan / ton at the end of the day, down 1.
64%
on the day.
In terms of external trading, as of 15:38 Beijing time, the 3-month Lun aluminum was reported at 2050.
5 US dollars / ton, down 0.
22% on the day, and the lower support focused on 2030 US dollars / ton
.
In terms of spot, Shanghai trading concentration was 14420-14430 yuan / ton, the discount for the month was 40-30 yuan / ton, Wuxi transaction concentration was 14420-14430 yuan / ton, Hangzhou transaction concentration was 14440-14460 yuan / ton
.
The price difference of aluminum in the next month has recovered, approaching the holiday, the shipment of cargo holders has slightly decreased compared with yesterday, and downstream enterprises continue to stock, but this year's overall National Day stocking is not strong, and the overall transaction is stable
.
On the news, the Asian dollar index was volatile and strong, now trading around 94.
595, and the Fed raised interest rates by 25 basis points as scheduled in the early morning, achieving the third rate hike of the year, and is expected to raise interest rates once more in December, prompting the dollar index to strengthen
slightly.
On the industry front, Alcoa's union in Western Australia's aluminium business said it would meet with the company again to try to resolve the strike that lasted more than six weeks
.
On August 8, union workers at two alumina refineries and three bauxite mines went on strike over concerns that new workplace agreements would not adequately address employment security
.
During the day, Shanghai aluminum continued to fall, affected by the US dollar interest rate hike in the early morning, non-ferrous metals generally showed a decline, but compared with the performance of other non-ferrous metals, the trend of Shanghai aluminum is still relatively weak
.
On the technical side, the futures price closed the long black line, and the MACD indicator green column further expanded, and the short-term was still treated
with a bearish thinking.
Operationally, it is recommended that the Shanghai-aluminum 1811 contract can intervene in short orders around 14500, and the stop loss refers to 14600
.
