Shanghai aluminum technical rebound but weak fundamentals limit upside

Overnight, the United States announced that the number of jobless claims for the first time this week was 276,000, which was 16,000 higher than the previous figure. This is the highest increase since the end of February this year. However, this is also the first time that the first application data is below 300,000 for the 35th consecutive week, and 300,000 is generally considered as a watershed to measure whether the employment market is strong. At the same time, the Bank of England maintained asset purchases of 375 billion pounds, unchanged; maintaining the key interest rate of 0.5% unchanged, in line with expectations; interest rate increase - constant - rate cut voting ratio of 1-8-0. The Bank of England downgraded inflation expectations for next year and raised inflation expectations for 2017. It is expected to raise interest rates for the first time in 2017. Bank of England Governor Carney said that the Bank of England’s rate hike will be limited and gradual. Shanghai aluminum main station on the short-term moving average, the technology for the warm trend is obvious, the short-term downtrend stabilized, short-term moving average support strong, but weak fundamentals, or will inhibit the aluminum price upside, concerned about the aluminum 1500 mark.

Yesterday, LME Aluminum declined afterwards, opened at 1500.5 US dollars, during the day the disk fell, after the evening to the lowest 1485.5 US dollars warmer, late in the morning to the highest 1508 US dollars, to close at 1503 US dollars, up 4 US dollars, or 0.27%. Open interest increased by 5487 lots to 814,000 lots, with a volume of 12,590 lots.

Overnight Shanghai aluminum main 1512 contract shocks to recover, opened at 10550 yuan, overnight disk to maintain shock, the lowest to 10,515 yuan, the highest hit 10,600 yuan, to close at 10,575 yuan, up 20 yuan, or 0.19%. Positions were reduced by 746 lots to 81,872 lots with a trading volume of 4,524 lots.