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Today's Shanghai aluminum 1607 contract is weak downward, closing at 12455 yuan / ton, down 0.
16% from yesterday's closing price, the daily closing price hit a low point in more than two weeks, while the current aluminum market term structure turned to a negative arrangement of near high and far low, Shanghai aluminum 1606 and 1607 contracts showed a negative spread, the spread was 45 yuan / ton, indicating that the forward contract willingness to fall strengthened
.
In the external market, Asia Lun aluminum continued to fall under pressure, of which Shanghai aluminum closed down 0.
7% to 1620 US dollars / ton, the daily closing price fell back to the level of two weeks ago, down 3.
9%
from the high of 1686 US dollars / ton in this round of rebound.
The short-term RSI indicator is still in the overbought zone, and it is still necessary to be wary of technical pullback demand, and the lower pullback support focuses on $1600/mt
.
Macro: Caixin China's services PMI fell 0.
4% month-on-month in April, but the service sector employment index rebounded sharply and returned above the 50-and-boom line
.
Continued expansion in the services sector can help hedge against the impact of the manufacturing downturn, but overall, the economy still faces greater downward pressure, and the government should continue to maintain appropriate stimulus to avoid a hard landing
.
Market: On May 5, Shanghai aluminum trading concentrated 12590-12610 yuan / ton, and the flat water
of aluminum in the month.
Holders maintained a positive attitude towards shipments, the supply of some brands in Wuxi was tight, the aluminum period stabilized, the willingness of middlemen to replenish goods rebounded, the enthusiasm of downstream receiving goods increased significantly compared with yesterday, and the overall transaction was active
.
Today's Shanghai aluminum 1607 contract fell under pressure to 12455 yuan / ton, showing that there is a certain selling pressure above, the performance continues to be weaker than Lun aluminum, because the short-term aluminum price continues to rise after facing pullback demand, it is recommended that the Shanghai aluminum 1607 contract can be backed below 12600 yuan cautiously short, the target is 12400 yuan
.
