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On Monday, Shanghai aluminum bucked the trend and fell, the 1608 contract fell to 11780 yuan / ton at the end of the day, down 1.
05% from last Friday's closing price, and the daily closing price hit the low point of April 12 this year, down 9.
14% from the high of 12965 yuan / ton in this round of rebound, and the current Shanghai aluminum has fallen below the support
of M60.
In the external market, the Asian aluminum oscillation rose slightly, far weaker than other base metals, of which the three-month aluminum rose 0.
65% to 1553 US dollars / ton, continuing the low oscillation trend
in nearly two weeks.
At present, the operating range of London aluminum is getting narrower, indicating that the long and short breakthrough is imminent, and the probability of its upward breakthrough is higher, the lower support of London aluminum focuses on 1530 US dollars / ton, and the upper resistance is 1600 US dollars / ton
.
Macro: U.
S.
non-farm payrolls rose by 38,000 in May, the worst increase since September 2010, far worse than expected, indicating that the U.
S.
labor market has deteriorated, sharply reducing Fed interest rate hike expectations, the dollar index fell 1.
73% under pressure, and the Asian dollar index also rebounded weakly, still trading around
94.
1.
A significant boost
to base metals.
Market: On June 6, Shanghai aluminum trading concentrated 12380-12420 yuan / ton, and the premium for the month was 30-40 yuan / ton
.
Hangzhou inventory is low, circulating supply is tight, and spot prices are firm
.
Shanghai Wuxi cargo holders are willing to ship positively, entering June, downstream orders decreased month-on-month, stocking willingness cooled, aluminum wide range volatility, middlemen cautious mood gradually emerged, the overall transaction was relatively cold
.
Industry: It is reported that last week, China's electrolytic aluminum production capacity increased by 150,000 tons, and the second stage of Jiarun Aluminum has 150,000 tons of electricity conditions, and the third section is under construction
.
By June 2, China's cumulative electrolytic aluminum production in 2016 had been reduced by 173,000 tons, the new production capacity had been put into operation by 1.
255 million tons, the new production capacity was to be put into operation of 1.
1297 million tons, the inherent production capacity had resumed production of 410,000 tons, and the more clear production to be resumed was about 705,000 tons
.
At present, the performance of Shanghai aluminum is much weaker than other base metals, or mainly due to
domestic power reform and the resumption of production of alumina and electrolytic aluminum plants.
In operation, it is recommended that the Shanghai-aluminum 1608 contract can be sold high and low between 12100-11700 yuan / ton, and the stop loss is 100 yuan / ton
each.
