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Overnight Lun aluminum opened at 1940.
5 US dollars / ton, the Asian market was driven by domestic Shanghai aluminum at the beginning, Lun aluminum rose rapidly, touched 1968 US dollars / ton, the center of gravity of the afternoon transaction has shifted, aluminum prices around the daily average of 1960 US dollars / ton a line of shock, into the European trading session Lun aluminum continued to sort out around the daily moving average, evening Lun aluminum volume rose, the high touched 1980 US dollars / ton, then the domestic night open, Lun aluminum dragged down to the daily moving average, closed at 1966 US dollars / ton
.
On the macro front, the Fed's March minutes showed plans to reduce its balance sheet later this year, and its share price is currently quite high
.
The "small non-farm" in the United States in March far exceeded expectations, hitting a new high
since 2014.
U.
S.
Treasury yields fell across the board, and investors saw the Fed's minutes mentioning balance sheet reduction as less hawkish than expected
.
In terms of inventory, LME aluminum futures inventories decreased
.
LME aluminum stocks were 1850245 tons, down 12,625 tons from the previous day; The number of warehouse receipts cancelled was 10.
07 million tons, and the ratio of warehouse receipts dropped to 45.
58%.
Overall, production is still undiminished, inventories are high, but the support below aluminum prices is still strong
.
Foreign supply and demand are significantly better than domestic, inventories continue to decline, and the low ratio of Shanghai is conducive to aluminum exports
.
It is expected that the current supply pressure will still put pressure on domestic prices, but the balance between supply and demand is still expected to be better than expected, and if it falls to the cost range or capacity is expected to be controlled in the later stage, you can consider gradually bargaining and laying out long orders
.
