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On Thursday, the main monthly 1606 contract of Shanghai aluminum fell back after the open, closing at 11780 at the end, down 50 yuan / ton
from the previous trading day.
The recent rise in aluminum prices may encourage producers to resume production, the market is worried about the intensification of global oversupply, and it is expected that the market will maintain a volatile trend after aluminum prices, suggesting that investors can maintain a wait-and-see attitude
first.
Macro: Federal Reserve Chair Yellen said that the policy of raising interest rates will be implemented smoothly; The minutes of the latest ECB meeting showed that although there is room for further interest rate cuts, the measure
is not considered for the time being.
Market: On April 7, Shanghai aluminum trading concentrated 11750-11770 yuan / ton, flat water to premium 20 yuan / ton
.
The spot price remained in a premium state for the month of aluminum in the future, and the holders sold
at a high price under a bullish mentality.
In terms of brands, Shanghai hopes that the tight supply of goods will lead to higher prices than other brands
.
The middleman believes that the aluminum period is in a corrective sorting, the willingness to replenish is more positive than yesterday, the downstream enterprises purchase on demand, receive goods stably, and the market transaction has steadily improved
.
Industry: The U.
S.
International Trade Commission said on Wednesday it had launched an investigation
into the U.
S.
aluminum industry and global aluminum trade.
The investigation will address the impact of Century Aluminum's ongoing operations on domestic smelters and is expected to be reported
by June 24, 2017.
Inventories: as of April 7, LME aluminum stocks reported 2756525 tons, down 7,225 tons from yesterday, and hit a low since March 2 this year (2,751,100 tons); At the same time, as of April 1, the aluminum inventory in the previous period was reported at 326410 tons, a weekly decrease of 4008 tons, a continuous decrease of two weeks, indicating that the pressure of aluminum market inventory has declined
.
Shanghai aluminum fell under pressure during the day, but rebounded from the low level at the end, showing that there is strong technical support below, its performance is stronger than other non-ferrous metals, and the short-term pullback pressure has been released, and its operation ideas should not be too bearish
.
