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Overnight Lun aluminum opened at 1930 US dollars / ton, the Asian session Lun aluminum trading center slowly down, under pressure on the daily average, intraday fell below the 40-day line support, early European trading session, Lun aluminum inertia touched low after recovery, the high touched 1930.
5 US dollars / ton, blocked by the 5-day moving average, and the US dollar high, Lun aluminum fell back to test the low of 1912 US dollars / ton, China cleared illegal production capacity rumors again, supported Lun aluminum, Lun aluminum repaired part of the decline, closed at 1920.
5 US dollars / ton
.
The trading volume increased by 507 lots to 15293 lots, and the position increased by 1146 lots to 689741 lots
.
On the macro front, ADP employment increased by 177,000 in April, the lowest increase since October 2016, and an increase of 175,000 was expected, most of the recent US economic data was less than expected, especially the GDP data fell sharply, but the overnight Federal Reserve interest rate meeting statement that although the recent economic data was less than expected, it did not cause alarm, and the market expected a very
high probability of raising interest rates in June.
The dollar strengthened overnight, commodities mostly fell, and non-ferrous metals only aluminum closed in the red
.
In terms of inventory, the latest inventory of London Metal Exchange (LME) 3-day London aluminum was 1,617,100 metric tons, down 16,225 metric tons from the previous trading day's inventory, and the latest inventory of aluminum alloy was 15,080 metric tons, unchanged
from the previous trading day's inventory.
Affected by the collapse of London copper, London base metals fell across the board, but London aluminum showed good resistance to falls, the night session is mainly weak operation, there is support around $1910, LME inventories continue to decrease, the good performance of supply and demand makes London aluminum should not be overly underestimated, but the upper moving average is staggered, the space is relatively limited, and it is expected that the short-term will be dominated by weak consolidation in the 1910-1950 US dollar range
.
