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On Wednesday, the main contract of Shanghai aluminum 1808 rushed back down, completely giving up yesterday's gains, closing at 13955 yuan / ton, down 0.
5% on a daily basis, trading at 14110-13950 yuan / ton within the day, and the daily closing price hit a new low
in more than 3 months.
In terms of term structure, Shanghai aluminum continued the positive arrangement of near low and far high, of which the positive price difference between Shanghai aluminum 1808 contract and 1809 contract remained at 75 yuan / ton, indicating that the forward contract has increased
its willingness to decline.
As of 16:01 Beijing time, the 3-month LME aluminum was reported at $2097 / ton, up 0.
33% per day, and its performance was far from falling to other base metals, especially Lun zinc (-1.
1%) and Lun nickel (-0.
73%), which is currently running effectively below the main moving average group, showing heavier selling pressure above, and its technical support below is concerned about 2050 US dollars / ton
.
In terms of the market, on July 4, Shanghai aluminum trading concentrated 13950-13970 yuan / ton, the discount for the month was 50-30 yuan / ton, Wuxi transaction concentration was 13950-13970 yuan / ton, Hangzhou transaction concentration was 13970-13990 yuan / ton
.
Cargo holders have stable shipments, large households have increased their receipt of goods compared with the previous day, downstream enterprises still maintain receiving goods according to just demand, and the overall transaction remains active
.
On the macro front, the Asian dollar index was weak to the downside, indicating that there was some selling pressure above, and it is now trading around
94.
5.
In addition, France's June services PMI final value was 55.
9, 56.
4 expected, and Italy's services PMI final value was 54.
3, lower than the expected 53.
3, indicating that the expansion of the service sector in both countries has slowed down
.
In terms of industry, in order to oppose the US Trump administration's steel and aluminum import restrictions, countries are engaged in retaliatory tariffs, and the European Union and other seven countries and regions have shown confrontation measures, and the US products that have been targeted for retaliation have exceeded $30 billion
.
During the day, Shanghai aluminum 1808 rushed back to 13955 yuan / ton, indicating that the upper selling pressure was heavier
.
However, the recent continuous rise in oil prices has brought some support to aluminum prices, and its performance is relatively resistant to decline compared with other base metals, and it is recommended to adopt range oscillation operations
.
It is recommended that the Shanghai aluminum 1808 contract can sell high and low between 13900-14150 yuan / ton, and the stop loss is 80 yuan / ton
each.
