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Today's Shanghai aluminum main contract 1706 continued the recent decline, under pressure decline, intraday trading at 13975-13750 yuan / ton, the end of the close at 13890 yuan / ton, down 0.
5% daily, the current aluminum price is running under the main moving average group, short-term decline risk remains
.
At the same time, the positive price difference between Shanghai aluminum 1706 and 1707 contracts remained stable at 75 yuan / ton
.
External trend: LME aluminum continued to decline today, of which 3-month Lun aluminum continued to fall 0.
44% to 1912 US dollars / ton, currently barely running above M60, that is, 1910 US dollars / ton, the technical support below focus on 1890 US dollars / ton
.
Macro: The Asian dollar index rushed back to around 99.
3, and the Federal Reserve kept interest rates unchanged as scheduled, which will limit the further rebound height
of the dollar index.
In addition, the market focused on China's bearish economic data, and the Caixin services PMI fell to 51.
5 in April, the lowest in 11 months, increasing market concerns about
China's economic downturn in the second quarter.
It is reported that representatives of the US aluminum industry are negotiating with their counterparts in the European Union and sent a letter to British Prime Minister Theresa May urging all parties to take action to deal with China's "high illegal subsidies" to the industry, believing that it threatens jobs in Western countries
.
EU trade ministers will meet in Brussels next week to discuss new anti-dumping rules that could have the most direct impact
on imports originating from China.
Spot: on May 4, Shanghai trading concentrated 13780-13790 yuan / ton, the discount for the month was 60-50 yuan / ton, Wuxi transaction concentration was 13780-13790 yuan / ton, Hangzhou transaction concentration was 13810-13820 yuan / ton
.
Holders sell at a high price, some middlemen are bullish on spot, active inquiry, low-price transaction activity increases, due to the revival of rumors of illegal production capacity in Shandong, downstream enterprises are more willing to receive goods at low prices, the overall transaction is more active, and sellers dominate the market
.
During the day, the Shanghai aluminum 1706 contract fell under pressure to 13890 yuan / ton, and under the drag of other base metals under heavy pressure, aluminum futures also passively fell, but the decline was relatively limited
.
In terms of operation, it is recommended that the Shanghai aluminum 1706 contract can be backed by 14100 yuan below the sky, the entry reference is around 13950 yuan, and the target is 13750 yuan / ton
.
