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Today's Shanghai aluminum main contract 1707 under pressure decline, and the decline significantly expanded, intraday trading at 14085-13725 yuan / ton, the end of the close at 13770 yuan / ton, down 1.
75% per day, 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 fell under pressure today, the sixth trading day in the past seven trading days declined, of which 3-month Lun aluminum fell 0.
47% to 1891 US dollars / ton, so that aluminum prices effectively run below the moving average group, and fell to a new low since March 15 this year, indicating that the short-term decline risk is increasing
.
In terms of market: on May 8, Shanghai trading concentrated 13720-13730 yuan / ton, the discount for the month was 20-10 yuan / ton, Wuxi transaction concentration was 13720-13730 yuan / ton, Hangzhou transaction concentration was 13750-13760 yuan / ton
.
Futures aluminum diving, spot performance than futures resistance, spot discount narrowing tends to flat water, to spot value preservation holders to hold up the price of shipment willingness is positive, futures aluminum reverse decline, spot discount tends to flat water, middlemen wait and see, downstream bargain stable procurement, the overall transaction has fallen, showing supply and demand tug-of-war
.
Macro: The Asian dollar index is trading around 98.
7, near the low set on November 9, 2016
.
In addition, China's exports in April were 14.
3% year-on-year, lower than the expected 16.
8%, and imports were 18.
6% year-on-year, also lower than the expected 29.
3%, indicating that China's domestic and foreign trade demand are relatively weak
.
Aluminum industry information, customs data showed that China's exports of unwrought aluminum and aluminum products in April were 430,000 tons, an increase of 4.
9% month-on-month, and the cumulative exports from January to April were 1.
49 million tons, an increase of 0.
9%
year-on-year.
During the day, the Shanghai aluminum 1707 contract fell under pressure to 13770 yuan / ton, and under the drag of other base metals under heavy pressure, aluminum futures also passively fell, and the downward initiative increased
.
In operation, it is recommended that the Shanghai aluminum 1707 contract can be backed by 13,900 yuan below the sky, and the entry reference is around 13,850 yuan, and the target is 13,600 yuan / ton
.
