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Today's Shanghai aluminum 1610 contract rushed back down, closing at 12320 yuan / ton, down 0.
2% from yesterday's closing price, and Shanghai aluminum is still barely stable above
M60, that is, 12300 yuan / ton.
In terms of the external market, today's Asian Lun aluminum shock declined, of which 3-month Lun aluminum slightly fell 0.
49% to 1639 US dollars / ton, from the previous high of 1709 US dollars / ton down 4.
09%, short-term back to M60 nearby, the trend is biased, Lun aluminum rebound resistance still continues to focus on 1710 US dollars / ton, the lower support focuses on 1610 US dollars / ton
.
Macro: Today's Asian dollar index extended its rebound and is now trading around 95.
8, increasing the pressure
on base metals.
The US PCE price index rose 1.
6% y/y in July, higher than expected by 1.
5% and still below the Fed's 2% inflation target
.
The market is currently focused on China's August manufacturing PMI on Thursday, and expectations are bearish
.
Industry: The third major inspection of the State Council has recently been fully launched, covering 31 provinces (autonomous regions and municipalities), the Xinjiang Production and Construction Corps and relevant departments of the State Council, and the supervision focuses on 23 key contents
in four aspects: maintaining stable economic development, promoting supply-side structural reform, promoting innovation-driven development, and ensuring and improving people's livelihood.
Market: On August 29, Shanghai copper trading concentrated 12680-12690 yuan / ton, and the premium for the month was 170-180 yuan / ton
.
Spot premium has fallen slightly, but it is still in a high position, holders are willing to sell cash and buy period, take the initiative to reduce the price of shipments, middlemen believe that the premium will fall further, the willingness to receive goods is cold, the factors at the end of the month superimposed on the downward trend of premium, downstream enterprises are afraid of heights and wait and see sentiment is stronger, and the overall transaction price is suppressed
.
Today's Shanghai aluminum 1610 contract fell back to 12320 yuan / ton, indicating that there is a certain selling pressure
above.
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
.
