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On Wednesday, the main monthly 1607 contract of Shanghai aluminum fluctuated downward, opening at 12290 yuan, intraday high as 12300 yuan, as low as 12065 yuan, and closing at 12090 yuan at the end, down 215 yuan / ton
from the previous trading day.
Externally, LME3 aluminum fluctuated lower, opening at $1555, maintaining a volatile finish, then lower, extending losses, touching a minimum of $1548 in the afternoon and rebounding slightly, and closing at $1549 at the end of the Asian trading session, down $
6.
On the macro front, the National Bureau of Statistics announced that the manufacturing PMI in May was 50.
1%, unchanged
from the previous month.
The Caixin manufacturing PMI only reached 49.
2, lower than expected and below
the boom-bust line.
The performance of the manufacturing data was flat, to a certain extent, indicating that the domestic industrial economy remained sluggish, and the market was not optimistic
about the future demand expectations.
While the domestic economy is not performing well, expectations of interest rate hikes in the United States are heating up, the risk of Brexit is once again increasing, and the US dollar continues to strengthen, and metal prices are under pressure to fall
.
In terms of the market, the spot aluminum quotation of Shanghai Nonferrous Metals Trading Center in the morning was 12570-12610 yuan / ton, down 100 yuan / ton from the previous trading day, and the premium was reported at B100-B140, and the premium continued to expand
.
The spot aluminum index of the Shanghai Nonferrous Metals Exchange Center was at 12587.
45 points, down 100 points
from the previous session.
The overall transaction situation during the day was not good, the aluminum fell back, the willingness of the holders to ship continued to be good, the premium narrowed slightly, but the quotation remained high, the wait-and-see sentiment of traders rose, and the downstream enterprises did not appear a strong willingness to purchase, and the attitude was more cautious
.
Overall, China's poor manufacturing data reflects that its economy is still facing downward pressure, but the short-term aluminum market supply remains tight, the Malaysian ban may be extended again, and the long-term ban on mining may tighten global supply again
.
Domestic spot aluminum maintained a high premium, but traders wait-and-see sentiment rose, and actual demand was not optimistic
.
The main force of Shanghai aluminum fell heavily, but the "10,000 two" mark was strongly supported, and this wave of adjustment or support was with the 60-day moving average
.
