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Today's Shanghai aluminum 1610 contract oscillation slightly rose, the end of the day closed at 12370 yuan / ton, up 0.
24% from yesterday's closing price, this week Shanghai aluminum under pressure decline is regarded as a retracement confirmation of last Thursday's rally, the current Shanghai aluminum is still stable above M60, that is, 12300 yuan / ton
.
At the same time, the term structure of the aluminum market turned to a negative arrangement of near high and far low, and the negative price difference between Shanghai aluminum 1609 and 1610 contracts slightly widened to 135 yuan / ton
.
Externally: Today's Asian Lun aluminum continued the recent decline, showing a rush back down, of which 3-month Lun aluminum slightly rose 0.
12% to 1646 US dollars / ton, down 3.
6% from the high of 1709 US dollars / ton, the Asian market performance is not as good as other base metals, but its current technical form is still stronger than other base metals, the following technical support focus M60 is 1630 US dollars / ton
.
Macro: Today's Asian dollar index oscillated slightly down, the overall is still running near this month's low, now trading around 94.
6, still running below the main moving average group, downside risks remain.
Watch for the revised US GDP for the second quarter tonight, which is expected to be revised
upward.
The market is now focused on China's August manufacturing PMI
next Thursday.
In terms of aluminum market industry information, the global aluminum giant - Rusal expects that the aluminum market will still face pressure in the second half of the year, but the demand of the automobile manufacturing industry will lead the momentum of aluminum demand increase, and the annual aluminum demand is expected to increase by 5.
4% to 5950 tons
.
In terms of market: on August 26, Shanghai spot aluminum trading concentrated 12730-12750 yuan / ton, the monthly premium 210-230 yuan / ton, spot premium rose to more than 200 yuan / ton, holders are willing to ship at a high price, Shanghai transaction is mainly concentrated in the downstream rigid demand, Wuxi area, middlemen are still more active, downstream weekend stock demand is higher than before; In Hangzhou, due to logistics restrictions, downstream goods are suppressed, and the overall transaction shows regional differences
.
Today's Shanghai aluminum 1610 contract oscillation rose slightly to 12370 yuan / ton, but its performance was relatively stagflant
.
However, Shanghai aluminum is still running above the moving average group, and it should not be too bearish
in the short term.
It is recommended that the Shanghai aluminum 1610 contract can be cautiously held above 12230 yuan / ton, and the target is 12500 yuan / ton
.
