echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Shanghai aluminum extended its decline, indicating heavier selling pressure above

    Shanghai aluminum extended its decline, indicating heavier selling pressure above

    • Last Update: 2022-12-05
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    Today's Shanghai aluminum main contract 1707 continued to decline, intraday trading at 13775-13625 yuan / ton, but the performance resisted the fall in copper and zinc, the end of the day closed at 13675 yuan / ton, down 0.
    51% on the day, the current Shanghai aluminum chose to break down, indicating that the upper selling pressure is heavier, the risk of decline increases
    .
    At the same time, the positive price difference between Shanghai aluminum 1706 and 1707 contracts narrowed to 60 yuan / ton
    .

    Shanghai aluminum

    Externally: LME aluminum continued to fall under pressure today, of which 3-month Lun aluminum traded at 1910-1892 US dollars / ton, now down 0.
    32% to 1897 US dollars / ton, fell below the integer support of 1900 US dollars / ton, fell to the low point on May 12 this year, and the technical support below focused on 1860 US dollars / ton
    .

    Macro: The U.
    S.
    dollar index fluctuated weakly overnight, retreating and trading around 96.
    7 this morning, near a new low
    in more than six months.
    U.
    S.
    durable goods orders fell 0.
    8% m/m in April, down 0.
    5% expected and down 0.
    7% in March, while the US ISM non-manufacturing PMI came in at 56.
    9 in May versus 57.
    1 expected and 57.
    5 in April, indicating a slight slowdown
    in U.
    S.
    non-manufacturing expansion.
    Watch the ECB interest rate meeting and the UK election
    this week.

    In terms of market: on June 6, the Shanghai transaction concentration was 13580-13590 yuan / ton, the discount for the month was 50-40 yuan / ton, the Wuxi transaction concentration was 13570-13590 yuan / ton, and the Hangzhou transaction concentration was 13580-13600 yuan / ton
    .
    Due to the sharp fall of aluminum overnight, the spot discount narrowed slightly, at the same time, the market circulation source increased, downstream enterprises purchased on demand, middlemen had no obvious willingness to stock up, the performance was more cautious, the overall transaction was general, mainly focused on actual demand
    .

    During the day, the Shanghai aluminum 1707 contract continued to fall to 13675 yuan / ton under pressure, further confirming that the short-term aluminum price chose to run downward, getting rid of the oscillating trend
    of nearly a month.
    It is recommended that the Shanghai aluminum 1707 contract can be backed by 13820 yuan below the sky, the entry reference is around 13720 yuan, and the target is 13550 yuan / ton
    .

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.