Shanghai Aluminum, with current prices dropping from the beginning of July, once again reported that the export tax rebate for aluminum ingots may fall to zero, the trend of Shanghai Aluminum began to weaken further. After going through the “Five Lianyin†last week, this week’s return has still not seen improvement, and the overall pattern of shocks has been maintained. The price has been gradually shifted downwards. Affected by the closing price of London aluminum prices overnight, Shanghai Aluminum gapped lower and opened lower on the 21st. Among which, with the opening of the AL411 with 15250, the full-day price remained within the range of within a narrow range. The last market closed at 15330 and lost 50 points; A total of 6582 lots were traded throughout the day. The change in positions was not 27,388 lots. Technically, the daily pattern maintained a weak pattern overall, and the period price was in a short position. On the weekly pattern, the last week's Zhongyin line broke the area where the K-line entity was between in the previous 8 weeks and returned the price this week. If it fails to effectively rebound to above the 10-day moving average, the medium-term trend is bearish. In terms of spot, although the sales price of main aluminum ingots announced by Chinalco on July 19 was still 15,500 yuan/ton, the spot prices of warehouses in Shanghai and Guangdong have already slipped to around 15,000. The daily higher transaction price of aluminum spot in Shanghai fell from 15,300 yuan/ton on Monday to 1,580 yuan/ton on Friday, and the daily low transaction price fell from 15,230 yuan/ton on Monday to 15,060 yuan/day on Friday/ Ton. The spot price trend in the Guangdong region was even weaker. Daily higher transaction prices fell linearly from Monday's 15,270 yuan/ton, and Friday's fell below the 15,000 yuan/ton integer price point to close at 14,980 yuan/tonne. The spot transaction price was lower on Friday. It fell to 14,860 yuan/ton. At present, the lack of speculative trading involved aluminum market transactions deserted, the price trend has been fully tolerate the performance of the spot price. The downtrend in the spot price trend directly drags down the downward price, and the inventory issue is still the main factor affecting the current domestic aluminum price. At the same time, the continuous decline in aluminum prices has caused a serious setback in market confidence. Aluminum consumer buying is waiting to see and wait, and the willingness to purchase will not be strong. The frustration of confidence has weakened the cost of supporting the price of the period. Therefore, Shanghai Aluminum may still have further downside trend.
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