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Today's Shanghai aluminum main contract 1707 continued to decline, intraday trading at 13750-13650 yuan / ton, but the performance resisted the fall in copper and zinc, the end of the day closed at 13690 yuan / ton, slightly up 0.
11%, 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 remained at 60 yuan / ton
.
Externally: LME aluminum fluctuated in a narrow range around $1900 / ton today, of which 3-month LME aluminum traded at 1908-1896 US dollars / ton, now up slightly 0.
08% to 1906 US dollars / ton, barely closing above 1900 US dollars / ton, but the current Lun aluminum is close to the low point of May 12 this year, and the technical support below focuses on 1860 US dollars / ton
.
On the macro front: The Asian dollar index continued to trade around 99.
6, near a fresh low
in more than six months.
At present, the market is focused on tomorrow's ECB interest rate meeting and the UK election, and some of the uncertainty suppression has been digested by the market in advance, and it is necessary to pay attention to the market sentiment change
after the uncertainty is lifted.
In the aluminum market, the chairman of NALCO said that in order to focus on expanding domestic aluminum production capacity, the company has now suspended all overseas operations, Iran is one
of them.
The company plans to increase aluminum production by 14 percent to 440,000 tonnes
by 2017 or 2018.
Oxygen exports are expected to increase by 20% to 120,000 tonnes
by then.
In terms of market: on June 7, Shanghai aluminum trading concentrated 13580-13600 yuan / ton, the discount for the month was 40-30 yuan / ton, Wuxi transaction concentrated 13580-13600 yuan / ton, Hangzhou transaction concentrated 13600-13610 yuan / ton
.
Holders have a positive attitude towards shipments, spot discounts are stable, the downward pressure of aluminum is gradually increasing, there is no speculative operation space for middlemen, downstream enterprises purchase on demand, and in June, downstream demand is further weakened, and the overall transaction is poor
.
During the day, the Shanghai aluminum 1707 contract was weakly sorted out to 13690 yuan / ton, 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
.
