On June 7th, the Shanghai aluminum futures contract opened slightly lower, and the volatility was lower, closing down slightly across the board. Industry analysts believe that after the spot price falls back to the cost price, the willingness to further decline will begin to weaken significantly.
On Wednesday, June 7, the Shanghai Futures Exchange (SHFE) aluminum main 608 contract opened at 20,700 yuan, closing at 20,700 yuan, down 190 yuan; spot 606 contract closed at 20,540 yuan, down 170 yuan.
Bette Futures analyst Gao Ye believes that London Aluminum and Shanghai Aluminum have approached the adjustment target range.
On the 6th, the London Metal Exchange (LME) spurred the overall metal market due to the strengthening of the US dollar and inflation concerns. The base metal prices fell as the recent financial market generally lowered, but due to tight supply, the interval remained.
Technically, on the 6th, London Aluminum temporarily gained support at the previous adjustment low of 2530, which is related to the reduction of inventories of the day and the relative resilience of copper. From a technical point of view, C5 is currently in normal operation. Various technical indicators also show that adjustments are also undergoing normal in-depth evolution. It is reasonable for London Aluminum to find support for 2500 or even to break this position in the short term.
Since London and China have already approached the adjustment target range one after another, in the short-term market, it is not advisable to sell, but instead, the short position of high positions should be gradually reduced.
Shanghai Jinpeng analyst Cao Zhiyi believes that Shanghai Aluminum is relatively defensive, and the market does not have sufficient kinetic energy to kill. In the short-term, it is likely to stop falling in the downside of the oscillation range.
Overnight, the external disk metal under the influence of the US dollar rate hike expectation strengthened, the mid-range fell, LME aluminum aluminum in August showed a shock down trend, compared to the final income at 2559 US dollars / ton, compared with the previous trading day fell by 28.5 US dollars / ton, fluctuations in the 2600-2536 US dollars / ton, aluminum inventory fell 2100 tons to 768.95 million tons.
In Shanghai copper and Lun aluminum fell sharply under the trading environment, Shanghai aluminum was relatively defensive, and at the previous lows it stopped falling and held down the low positive cross star. Positions continued to decrease, the market's momentum to kill was not enough, short-term possibility of stalling in the downside of the oscillation range. Exist, but from the external disk, LME Copper's recent multi-defensive bottom line at 7300 US dollars, once fell, the price will be lower, need to pay close attention to the operation as Shanghai copper popularity dips short and more rolling, overnight warehouse cautious.