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On Friday, the main contract of Shanghai aluminum 1809 continued to oscillate at a low level, trading in the range of 14095-14020 yuan / ton, closing at 14055 yuan / ton, down 0.
07% per day, the daily closing price was close to the low set on June 27 last year, and it is currently effectively running below the moving average group, and the technical pattern is obviously bearish
.
In terms of term structure, Shanghai aluminum continued the positive arrangement of near, low, far and high, of which the positive price difference between Shanghai aluminum 1808 contract and 1809 contract remained at 80 yuan / ton
.
In terms of external trading, Asian aluminum oscillation slightly rose, the performance is far from other base metals, of which as of 16:20 Beijing time, 3-month LME aluminum reported 2019 US dollars / ton, up 0.
65% per day, the current Lun aluminum is still effectively running under the main moving average group, hitting a new low since April 5 this year, and the technical support below it focuses on 2000 US dollars / ton
.
In terms of the market, on July 20, Shanghai aluminum trading concentrated 13910-13930 yuan / ton, the discount for the month was 70-60 yuan / ton, Wuxi transaction concentration was 13910-13930 yuan / ton, Hangzhou transaction concentration was 13920-13940 yuan / ton
.
Aluminum in the futures fluctuated in a narrow range, spot prices were relatively stable, downstream aluminum ingot demand in July fell more than in June, enterprises basically purchased on demand, and weak demand, no market, middlemen's receipt and shipment are relatively stable, the market continues to enter a stable weak state
.
On the macro front, the Asian dollar index fell into high oscillations and is now trading at 95.
2, marking the fourth consecutive day
of gains.
The market is currently focused on the G20 summit over the weekend, focusing on the trade war and Iran sanctions
.
In terms of industry, Bahrain Aluminum said in a recent press release that it produced 252,081 metric tons of primary aluminum in the second quarter, an increase of 23%
year-on-year.
Sales volumes were equally strong, with the company selling 249,59.
5 metric tons in the second quarter, up 19%
from a total volume of 210,157 metric tons in the second quarter of last year.
During the day, the Shanghai aluminum 1809 oscillation sorted out to 14055 yuan / ton, partly suppressed by the US dollar rebound, but it is still oscillating at a low level, indicating that the internal downward momentum of aluminum prices is not strong
.
At the same time, the recent continuous reduction of domestic aluminum social inventories is conducive to the rebound of aluminum prices, which will partially limit the decline space
of aluminum prices.
It is recommended that the Shanghai aluminum 1809 contract can be sold high and low between 13950-14250 yuan / ton, and the stop loss is 100 yuan / ton
each.
