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Overnight Lun aluminum opened at 1869 US dollars / ton, Asian market noon London aluminum around the daily average of 1867 US dollars / ton a narrow finishing, the afternoon by the domestic market boosted, Lun aluminum up to turn red, into the European trading session, although the trend of aluminum prices has been repeated, but the center of gravity is still steadily up, the high once touched 1894.
5 US dollars / ton, and then short more profit-taking, Lun aluminum gave up part of the gains, the evening domestic night market open, dragged down by the downward trend of Shanghai aluminum, Lun aluminum accelerated to fall, and finally closed at 1873.
5 US dollars
。
Positive fundamentals: On Thursday, non-OPEC members Turkmenistan and Equatorial Guinea said they would join the production
cuts.
Recently, major oil producers such as Iraq, Algeria and Kuwait have expressed support for extending the production reduction agreement reached last year
.
Bearish fundamentals: Data released by the US Department of Labor on Thursday (May 11) showed that the number of initial jobless claims in the United States fell to 236,000 in the week ended May 6, better than expected, and the number of renewed jobless claims in the United States for the week ended April 29 was 1.
918 million, the lowest
in 28 and a half years.
On Thursday (May 11), the third in command of the Federal Reserve, the president of the New York Fed, and the permanent vote member of the FOMC, Dudley, spoke on the issue of globalization in Mumbai
, India.
In terms of Fed policy, Dudley expressed a relatively optimistic view
of the US economy.
In terms of the market, on the day, the spot price of London aluminum was 1887 US dollars / ton, which was 5.
5 US dollars / ton discount from the March contract; The inventory of aluminum in London was 1.
5648 million tons, down 5,775 tons from the previous day; the aluminum inventory in the previous period was 323,500 tons, down 1,872 tons from the previous day; measured by the closing price of Shanghai aluminum, the actual ratio of the Shanghai aluminum 3 contract to the Lun aluminum March contract was 7.
39 (import ratio was 8.
62), and the import loss was 2257 yuan / ton (excluding financing income).
Overnight, Lun aluminum closed up only $7/ton to $1873.
5/ton
.
Today's macro news is lacking, fundamentals dominate the market, and domestic aluminum prices are expected to rise
cautiously.
