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Stimulated by the People's Bank of China's stability maintenance funds, non-ferrous metals extended a moderate rebound
on Friday.
Lun aluminum rebounded after stepping back on the 5-day moving average, once attacking the 10-day moving average
.
In addition, the dollar index retreated, market sentiment also eased, aluminum prices on Friday fluctuated higher, London Stock Exchange three-month aluminum price closed at $1886 / ton, up 0.
67%, down 0.
74%
for the week.
On the macro front, the US Labor Market Conditions Index (LMCI) in April was 3.
5 versus 1 expected, compared with a sharp upward revision of 3.
6 in the previous month; 2.
The US core CPI in April was +1.
9% y/y, the lowest in recent months, +2%
expected.
The EU raised its forecast for eurozone GDP growth in 2017 from 1.
6% to 1.
7%, and its inflation forecast from 1.
7% to 1.
6%.
China's April PPI was +6.
4% year-on-year, +6.
7% expected, and fell for the first time in nearly 10 months; China's new number of social financing in April was 1.
39 trillion yuan, expected 1.
15 trillion yuan, and new RMB loans were 1.
1 trillion yuan, expected to be 815 billion yuan
.
Overall, the influence of macroscopic factors on non-ferrous metals is called neutral
.
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 the previous period was 1.
5562 million tons, down 43,600 tons from the previous week; the aluminum inventory in the previous period was 321,600 tons, down 6,614 tons from the previous week; measured by the closing price of Shanghai aluminum, the actual ratio of the Shanghai aluminum contract to the Lun aluminum March contract was 7.
37 (the import ratio was 8.
61), and the import loss was 2284 yuan / ton (excluding financing income).
