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Today's aluminum prices continued to fall, Shanghai aluminum 1607 contract under pressure, closing at 12340 yuan / ton, down 0.
92% from yesterday's closing price, the daily closing price hit the lowest point since April 20 this year
.
In the external market, the Asian market Lun aluminum oscillation rose slightly, of which Shanghai aluminum closed up 0.
5% to 1614 US dollars / ton, the daily closing price fell back to the level of two weeks ago, from this round of rebound high of 1686 US dollars / ton down nearly 3.
9%.
Macro: U.
S.
jobless claims for the week of April 30 were 274,000, a one-year high, higher than expected, indicating a short-term slowdown in the U.
S
.
labor market, and combined with Wednesday's release of U.
S.
ADP employment is worse than expected, or suggesting that tonight's release of U.
S.
non-farm payrolls or poor performance, market risk aversion climbed, the Asian market dollar index traded around 93.
6, basically maintaining the overnight gains.
In terms of market: the sharp decline in Shanghai aluminum during the day has put a heavy pressure on the trading atmosphere of the current aluminum market, and the price has fallen
sharply.
However, at present, the current aluminum supply is tight, and the industry expects that the resumption of aluminum production capacity will not cause pressure in the short term, and the space for further decline in short-term aluminum prices is limited
.
Shanghai circulation sources decreased, Wuxi holders actively shipped, futures aluminum fell sharply last night and rebounded today, middlemen are willing to replenish goods at low prices, downstream stocking demand is positive, the overall transaction is more active
than yesterday.
Market summary: Today's Shanghai aluminum 1607 contract under pressure fell to 12340 yuan / ton, showing that there is a certain selling pressure above, the performance continues to be weaker than Lun aluminum, because short-term aluminum prices continue to rise after facing pullback demand, it is recommended that Shanghai aluminum 1607 contract can be backed by 12450 yuan under cautious short, the target focus on 12250 yuan
.
