Shanghai aluminum action can show lack of short-term consolidation is more likely

On the macro front: The U.
S.
economy is mixed, with ADP job creation slowing sharply to a three-year low in April, but the March factory orders m/m and ISM non-manufacturing indices improved significantly, the U.
S.
dollar index recently rebounded slightly after hitting lows, and weak manufacturing data in most countries around the world fueled concerns about economic growth, fueling risk aversion, which weighed on colored trends
.

In terms of market: the spot trading price of Yangtze River was 12600-12640 yuan / ton, down 190 yuan / ton; Guangdong South Reserve reported 12630-12730 yuan / ton, down 200 yuan / ton; Hua reported 12710-12730 yuan / ton, down 190 yuan / ton; The average domestic spot trading price is between
12600-12640 yuan / ton.
Aluminum prices fell sharply, spot market wait-and-see sentiment heated up sharply, cargo holders' willingness to ship weakened, market supply tightened, market procurement willingness remained weak, and there was no strong desire for procurement downstream after the holiday, all indicating that the inventory was sufficient, traders were more willing to wait and see and maintain a cautious attitude
.

Overall, the dollar bottomed out, and commodities collectively fell under pressure
.
In terms of fundamentals, the external aluminum market performed better, the domestic aluminum export data performed slightly better, but the total amount remained low, the spot market was like a bird of shock, the overall maintenance of a cautious view, Shanghai aluminum short-term action can be lacking, is expected to short-term consolidation is more likely
.