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Yesterday, the main force of Shanghai aluminum opened at 11960 yuan / ton, the news that the previous production limit meeting was refuted was gradually fermented, and the price of aluminum fluctuated lower
in the morning.
In the afternoon, Shanghai aluminum continued to fall, touching 11780 yuan / ton at a low level, and then closed at 11855 yuan / ton
.
It opened slightly lower at 11,850 yuan / ton at night, and continued to fluctuate downward during the session, closing at 11,780 yuan / ton
.
In terms of external trading, Lun aluminum opened at 1600.
5 US dollars / ton yesterday, the Asian session was weak and sorted out, entering the European trading session, Lun aluminum volume upward, as of 17:30, Lun aluminum reported 1609 US dollars / ton, a high of 1612 US dollars / ton
.
On the macro front, Eurozone industrial output in April was 2% year-on-year, 1.
4% expected, and 0.
2% prior; 1.
1% m/m vs.
0.
8%
expected.
Domestically, the onshore yuan fell below 6.
5956 to a five-year low, amid anecdotal rumours that China's central bank may have intervened in the offshore yuan exchange rate this afternoon, keeping USD/CNH below the key resistance of 6.
6000
.
In terms of the market, close to the change of month, the price of the next month exceeded 200 yuan / ton, the holders were eager to exchange cash and ship actively, the aluminum exchange month was imminent and the aluminum downward trend, middlemen and downstream enterprises were cautious and waited and waited for the change of month
.
Among them, it is hoped that the near future will be tight, and downstream enterprises will still purchase hopes to ensure production quality, thereby pushing up the hope that the brand price is slightly higher than that of Pu Aluminum, and the overall transaction situation has not improved
.
In terms of industry, the United States made a preliminary ruling on countervailing administrative review against China, determining that several large-scale aluminum companies had a high subsidy rate, and most smaller aluminum companies were found to have no subsidies
.
In addition, an electrolytic aluminum plant in Shanxi plans to increase its annual production capacity to 200,000 tons by the end of July, and the current annual production capacity is 125,000 tons
.
To sum up, at present, it seems that the capital trend of the base metal sector is mainly outflow, Shanghai aluminum has fallen significantly, the speed of reducing positions is not reduced, and funds continue to flow out
.
After the short-term fermentation of market production reduction rumors, the long and short performance is more cautious, the risk aversion wait-and-see mentality is strong, and the technical form of Shanghai aluminum trend has not yet been directionally selected, although the 5-day moving average support still exists, but in the context of consumption into the off-season, the short-term Shanghai aluminum trend remains weak
.
