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Today's Shanghai aluminum 1612 contract continued to rebound, bottomed out, and closed at 12260 yuan / ton, down 0.
16%
from yesterday's closing price.
At the same time, the term structure of the aluminum market maintained a negative arrangement of near high and far low, and the negative spread between Shanghai aluminum 1611 and 1612 contracts fell to 185 yuan / ton, indicating that the forward contract has increased
its willingness to rise.
Externally: Asian aluminum oscillation higher, of which 3-month Lun aluminum rose 0.
67% to 1658 US dollars / ton, basically recovered overnight decline, so that Lun aluminum effectively stabilized above the moving average group, but the short-term London aluminum RSI indicator rose to the overbought area, need to be vigilant of technical correction demand, short-term operating range focus on 1700-1650 US dollars / ton
.
Macro: The Asian dollar index oscillated higher, now trading around 95.
6, overnight data released showed that the preliminary Markit manufacturing PMI in September was 51.
9, higher than expected and the previous value, indicating that the expansion of US service sector activity has accelerated, which will increase expectations of the Fed's interest rate hike in December
.
Market: On September 28, Shanghai aluminum trading concentrated 13190-13200 yuan / ton, the monthly premium was 500-510 yuan / ton, Wuxi transaction concentration was 13200-13220 yuan / ton, Hangzhou transaction concentration was 13200-13210 yuan / ton
.
Spot premium to maintain stability, holders of shipments slightly improved, the market is generally not optimistic about the spot price after the National Day, as the holiday approaches, middlemen are increasingly cautious in receiving goods, downstream stocking peak has passed, the intensity of receiving goods has decreased significantly, and the overall transaction has decreased
compared with yesterday.
In terms of industry, a few days ago, Zhejiang announced the list of enterprises involved in the provincial elimination plan in 2016, of which the metal smelting industry, Zhejiang Hailiang Co.
, Ltd.
due to structural adjustment, need to eliminate 20,000 tons of production capacity
.
Today's Shanghai aluminum 1612 contract oscillation stabilized to 12260 yuan / ton, its rebound pattern maintained well, while Shanghai aluminum 1610 contract rose significantly stronger than other contracts, with the recent continuous decline in inventories in the previous period, indicating that spot tightening, or Shanghai aluminum to maintain a relatively strong position
.
It is recommended that the Shanghai-aluminum 1612 contract can be cautiously long above 12150 yuan, with a target of 12450 yuan
.
