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During the domestic holiday, the continuous rise in Lun aluminum inventory showed weak demand, and Lun aluminum fell by $29, a cumulative decline of 1.
59%.
The latest closing quotation of Lun Aluminum was 1799 US dollars / ton, the trading volume of 11113 lots decreased by 5921 lots, and the position volume 689944 lot decreased by 827 lots
.
Shanghai aluminum opened sharply lower this morning, and the latest quotation of the main monthly 1906 contract at 9:10 Beijing time was 14035 yuan / ton, down 145 yuan, or 1.
02%.
On the macro front, Trump threatened Sino-US trade talks, which faced greater uncertainty and financial market shocks; Although the Caixin manufacturing PMI was higher than the boom and bust line, it was less than expected, ending the rebound
brought by the Spring Festival effect.
In terms of fundamentals, LME aluminum stocks continued to rise by about 230,000 tons to 1.
25 million tons since the 26th, SMM aluminum ingot stocks on the 5th were 1.
442 million tons, holiday stocks did not increase but fell, down 28,000 tons; Chalco China Resources started another 125,000 tons of production capacity, electrolytic aluminum production capacity resumed production, and new rebounds; The price of grid electricity in Qinghai and other places has been reduced, and the difference between industry electricity prices has narrowed
.
In terms of inventory, the latest inventory of London Aluminum on May 03 (LME) reported 1250250 metric tons, an increase of 22,600 metric tons, or 1.
84%, from the previous trading day, and a cumulative increase of 22.
47%
in the last five trading days.
In terms of the market, the domestic spot aluminum price remained stable on April 30, and the spot AOO aluminum ingot price of Changjiang Nonferrous Metal Network was 14190 yuan / ton, unchanged
.
The AOO aluminum ingot price in East China was reported at 14180 yuan / ton, up 10 yuan
.
The global market opened the week black, Asian market morning, U.
S.
stock futures and oil prices fell sharply, oil price trend under pressure dragged down commodity market sentiment, it is expected that today's Shanghai aluminum weak shock, spot aluminum prices or fall.
Further policy easing expectations declined, manufacturing activity expansion slowed, and market sentiment returned to fundamentals; Domestic inventory still maintains high-speed destocking, LME warehousing rules are revised, inventory has increased significantly, and internal and external strengths are clearly distinguished; Domestic production capacity has rebounded significantly, destocking expectations have slowed down, and aluminum prices have strong short-term support and maintained high volatility
.
