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LME aluminum edged higher on Monday, as of 15:00 Beijing time, 3-month Lun aluminum was reported at $1809.
5 / ton, up 0.
86%
per day.
The main 1908 contract of Shanghai aluminum continued to decline, with the highest 13855 yuan / ton and the lowest 13720 yuan / ton during the day, and the closing price of 13750 yuan / ton, down 0.
58% from the closing price of the previous trading day; The trading volume was 139,500 lots, a daily decrease of 10,714 lots, and the position was 242,700 lots, a daily decrease of 1,392 lots
.
The basis was expanded to 70 yuan/ton; The price difference between Shanghai and aluminum in 1908-1909 narrowed to 5 yuan / ton
.
In the spotlight, Caixin China's manufacturing purchasing managers' index (PMI) recorded 49.
4 in June, down 0.
8 percentage points from May, falling below the boom-dry dividing line for the first time in four months, indicating a significant decline
in China's manufacturing boom.
It is reported that the Turkish Standard Energy Company plans to start bauxite production at the end of the third quarter of this year, and the bauxite mining area to be developed has reserves of about 5.
5 million tons, its annual production capacity is 600,000 tons, and this year it plans to produce about
200,000 tons.
At the meeting between the leaders of China and the United States, the two sides agreed to restart economic and trade consultations
on the basis of equality and mutual respect.
Spot analysis, on July 1, spot A00 aluminum quotation 13800-13840 yuan / ton, the average price of 13820 yuan / ton, down 80 yuan / ton
from the previous trading day.
Intraday cargo holders shipped actively, due to the price fall, the middleman had a certain replenishment at the low price, and the overall transaction was better
.
However, the downstream did not show obvious willingness to receive goods on Monday, basically purchasing on demand, traders all reported that downstream consumption showed signs of weakening, and the attitude towards the near-term downstream consumption expectations was pessimistic
.
The overall transaction was average
.
Warehouse receipt inventory, the total of Shanghai aluminum warehouse receipts on Monday was 168481 tons, a daily decrease of 1172 tons, a continuous decline of 10 days; On June 28, LME aluminum stocks were 996725 tons, a daily decrease of 7,025 tons; As of the week ended June 28, aluminum inventories on the Shanghai Futures Exchange were 423068 tons, down 5,829 tons weekly, and falling for 14 consecutive weeks, the lowest
this year.
During the day, the main 1908 contract of Shanghai aluminum continued to decline
.
China and the United States are willing to restart trade negotiations, which partially supports aluminum prices, but the price of alumina on the cost side continues to decline, coupled with the arrival of the consumption off-season, the pressure on aluminum prices has increased
.
In terms of spot, due to the decline in prices, middlemen have certain replenishment at low prices, but the downstream has not shown obvious willingness to receive goods, basically purchasing on demand, and traders have reported signs of weakening downstream consumption
.
Technically, the main 1908 contract of Shanghai aluminum runs below the moving average group, the daily MACD red column turns to the green column, and the KD indicator K value turns downward, and the short-term shock is expected to be weak
.
