Aluminum prices are supported Aluminum prices are now rising

In the external market, the abnormally weak performance of the US non-farm payrolls data caused concerns about economic slowdown, the spread of market risk aversion, and the lack of support for the decline in the price of aluminum aluminum; However, the rise in global stock markets has boosted market risk sentiment appetite, and aluminum prices have rebounded
.
The price trend of aluminum in the week generally maintained the trend
of first falling and then rising.
The market mainly focuses on the $1700 support level
.

In terms of the market, spot aluminum price trend maintained the trend of first falling and then rising and then falling, the data shows that the weekly average quotation of Yangtze River spot AOO aluminum ingots is 14040 yuan per ton, down 18 yuan / ton per week, and the average price of Yangtze spot aluminum per ton in the previous week was 14110 yuan, down 70 yuan / ton, down 0.
5%
month-on-month.

Despite the severe international trade environment this year, aluminum exports still increased in May; The US-China trade dispute remains, market risk aversion has not been eliminated, and concerns about the demand outlook have hindered the rise
in aluminum prices.
The price trend of Shanghai aluminum remained weak and volatile during the week; The average weekly settlement price of the 1906 contract in the current month was 14,018 yuan, down about 0.
54% from last week's settlement price; The weekly chart fell 0.
32%.

In terms of inventory, the trend of Lun aluminum inventory has maintained a downward trend in recent days, and the latest inventory volume has been reported 1064625 metric tons, reducing inventory by a total of 46,850 metric tons, a decrease of about 4.
2%; The total stock of aluminum on the Shanghai Futures Exchange this week was 451,050 tons, down 25,567 tons, or about 5.
4%,
from last week.

Macro information, the national consumer price index (CPI) in May rose 2.
7% year-on-year, an increase of 0.
2 percentage points over the previous month, and unchanged from the previous month
.
Fed rate cuts no longer seem to be at the level of market expectations, and recent speeches by some Fed officials suggest that the Fed has opened the door
to possible future rate cuts.

In the first five months of this year, China's primary aluminum production was 14.
45 million mt, an increase of 2.
7%
over the same period last year.
It is expected that the primary aluminum production in Guizhou Province will exceed 1.
1 million tons in 2019, reaching about
1.
16 million tons.

In the outlook for the future market, the performance of domestic and foreign economic data is not good, causing concerns about the slowdown in metal market demand, the upward pressure on aluminum prices, and the weak and volatile
spot aluminum prices during the week.
Sino-US trade disputes are worried, the market wait-and-see sentiment is strong, the aluminum market lacks substantial positive support, and it is expected that the spot aluminum price trend will be weak
next week.