Brief review of the aluminum market on May 3

On the last trading day of April, the main company of Shanghai aluminum opened at 12,610 yuan / ton in the morning, and after the opening, the bulls continuously reduced their positions in the main contract by nearly 7,000 lots, and the 05-06 contract spread in the afternoon once widened to 220 yuan / ton, and the short hedging and reducing positions at the end of the session was more than 2,600 lots, and the hourly line pulled a long white line to close at 12,660 yuan / ton, up 75 yuan / ton, or 0.
60%,
from the previous day's close.
Before the close of the day, bulls moved to the 2007-2011 contract, and the bullish sentiment on the return of the holiday price trend was strong
.

In terms of the market, the spot trading price of Yangtze River was 12770-12810 yuan / ton, up 20 yuan; Guangdong South Reserve reported 12960-13020 yuan / ton, unchanged; Hua reported 12890-12910 yuan / ton, up 10 yuan
.
The market circulation is limited, the downstream part is stocked, the enthusiasm for receiving goods is not as good as the previous day, and the overall transaction is acceptable
.

From a fundamental point of view, SMM statistics domestic electrolytic aluminum social inventory of 1.
204 million tons, a weekly decrease of 155,000 tons, and a record high, smelter shipments are less superimposed on demand to maintain, resulting in the spot market to maintain a relatively firm level of premium, and the back structure has further expanded
in recent months.
It is expected that on the first trading day of the return of May Day, aluminum prices will remain high and volatile under the support of fundamentals, and the operating range is 12500-12800 yuan / ton
.