Shanghai aluminum rushed back down, indicating that the rebound was blocked

In terms of external trading, today's LME aluminum oscillation slightly rose, partially cut the overnight decline, of which 3 months Lun aluminum trading at 1930-1920 US dollars / ton, now slightly up 0.
42% to 1928 US dollars / ton, currently Lun aluminum running above the moving average group, showing that after the long and short scramble, the bulls are mainly
winning.

On the macro front, the dollar index rose slightly overnight, trading around 94.
7 this morning, close to the low set on September 6 last year, as the market questioned
Trump's ability to push for health care and various reforms.
Meanwhile, U.
S.
housing starts in June were 1.
215 million, the largest growth rate in four months, better than expected 1.
16 million tons, compared with 1.
122 million
in the previous month.

In the aluminum market, the World Bureau of Metal Statistics reported that the global aluminum market had a supply shortage of 735,000 tons from January to May 2017, compared with a supply shortage of 492,000 tons in the same period last year, indicating that the supply gap has widened, as the global primary aluminum demand has increased more than production
.
From January to May, global primary aluminum production was 24.
605 million tons, an increase of 1.
371 million tons year-on-year, and global primary aluminum consumption was 25.
34 million tons, an increase of 1.
614 million tons
year-on-year.

In terms of the market, on July 20, Shanghai aluminum trading concentrated 14230-14250 yuan / ton, the discount for the month was 160-150 yuan / ton, Wuxi transaction concentration was 14230-14250 yuan / ton, Hangzhou transaction concentration was 14240-14260 yuan / ton
.
Electrolytic aluminum illegal production capacity is carried out in an orderly manner, it is difficult to make a long-term pullback in aluminum, and the holders are happy to see price increases, shipments are positive, and it is no wonder that under the off-season of consumption, it is no wonder
that the transaction is difficult to see a sharp recovery.
At the same time, it is also an indisputable fact
that it is difficult to prevent the rise of aluminum prices due to poor transactions.

Intraday Shanghai aluminum 1709 contract under pressure fell to 14420 yuan / ton, short-term rise lacks effective momentum, fell into high oscillation, while China's June primary aluminum production is high, is not conducive to aluminum prices higher, if the domestic aluminum market supply-side reform has not made new progress, the risk of aluminum price correction increases
.
The Shanghai aluminum 1709 contract can be sold high and low between 14200-14550 yuan / ton, and the stop loss is 150 yuan / ton
each.