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Market review: The trend of base metals on Monday is clearly differentiated, of which the Shanghai zinc 1810 contract fell 1.
39%, the decline was higher, the Shanghai aluminum oscillation rose slightly, the 1810 contract traded at 14775-14620 yuan / ton within the day, and closed at 14690 yuan / ton at the end, up 0.
1% per day, but the current aluminum price effectively runs above the moving average group, and the rebound pattern remains
.
In terms of external trading, as of 16:07 Beijing time, 3-month Lun aluminum was reported at 2075 US dollars / ton, down 0.
07% on a daily basis, but its technical form was slightly weaker than Shanghai aluminum
.
In terms of spot, on August 13, South China spot aluminum traded 14590-14610 yuan / ton, and East China spot traded about 100 yuan / ton
.
On Monday, some of the South China aluminum ingots still arrived in the warehouse, resulting in the overall South China aluminum ingot inventory slightly lower than last Thursday by 10,000 tons to 235,000 tons, local downstream enterprises said that short-term orders are in the off-season, on-demand procurement, active stocking willingness is general
.
On the news front, the Asian dollar index extended last week's rally, now trading around 96.
4, hitting an intraday high of 96.
513, another more than 13-month high, as rising trade tensions between the United States and Russia and Turkey led to a rise in safe-haven for the dollar index
.
In terms of industry, on August 13, SMM statistics on domestic electrolytic aluminum consumption inventory (including SHFE warehouse receipts): the total inventory of aluminum ingots in consumption was 1.
766 million tons, down 09,000 tons
from last Thursday.
Overall, the Shanghai aluminum oscillation stabilized, but funds continued to flow out of the aluminum market, and long-short trading tended to be cautious
.
Due to the strong rise of the US dollar index, the risk of aluminum prices falling has increased, but the concerns of the United States about the sanctions against Rusal still exist, which still gives potential upward momentum
to aluminum prices.
Operationally, it is recommended that the Shanghai aluminum 1810 contract can be backed by 14,500 yuan above the dip, and the entry reference is around 14,650 yuan, and the target is 14,850 yuan / ton
.
