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Market review, the main contract of Shanghai aluminum on Wednesday was volatile, and the Shanghai aluminum 1906 contract traded at 13980-14045 yuan / ton within the day, closing at 14045 yuan / ton, up 0.
39%
on the day.
Position volume 230800, -4678; futures basis +35, -5
from the previous session.
In terms of industries, China's exports of unwrought aluminum and aluminum products in April were 498,000 mt, down 8.
8% from 546,000 mt in March, but up 15.
8%
from 430,000 mt exported in April 2018.
In addition to the decline in February, China's aluminum exports have remained high, as higher value-added tax (VAT) rebates for semi-finished aluminum were granted from November
.
The VAT rate, which was previously 16 percent, was reduced to 13 percent from April as part of
China's efforts to reduce pressure on the economy.
Spot analysis, aluminum range fluctuation upward before noon of the month
.
Shanghai spot trading price is between 14070-14080 yuan / ton, slightly higher than the previous day's transaction price of 25 yuan / ton, for the current month plate premium around 20-30 yuan / ton, Wuxi spot trading price is between 14070-14080 yuan / ton, Hangzhou transaction price is between
14080-14100 yuan / ton.
The market has sufficient supply within the day, a large household has received more than 10,000 tons, traders are actively shipping, and trading is active
.
However, the downstream is still dominated by on-demand procurement, which has not seen significant improvement
compared with the previous day.
In terms of inventories, LME aluminum stocks were 1,263,400 tons on May 07, an increase of 13,150 tons from the previous trading day; As of April 30, 2019, electrolytic aluminum stocks on the Shanghai Futures Exchange were 621,907 tons, down 16,123 tons
from the previous week.
From a seasonal perspective, current inventories remain at an average
level compared to the last five years.
The main 1906 contract of Shanghai aluminum fluctuated strongly during the day, as the market gradually digested the macro bearish information, and the pessimism in the early stage was repaired
.
In the spot market, the supply of goods is sufficient, a large household has received more than 10,000 tons of goods, traders are actively shipping, and trading is active
.
However, the downstream is still dominated by on-demand procurement, which has not seen significant improvement compared with the previous day, and the overall transaction is acceptable
.
Technically, the Shanghai aluminum 1906 contract from the 60-minute line, short-term support around 14,000 yuan / ton, MACD indicators rising, it is expected that aluminum prices in the short cycle or strong performance
.
