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Today's Shanghai aluminum oscillation declined, the 1608 contract fell to 11915 yuan / ton at the end of the day, down 1.
49% from yesterday's closing price, and the daily closing price hit a new low since May 10 this year, indicating that the upper selling pressure is heavier
.
In terms of external trading, today's Ashilun aluminum continued to fluctuate in a narrow range, and the 3-month aluminum fell slightly by 0.
13% to $1555 / ton, continuing the low oscillation trend
in the past two weeks.
Macro: The Asian dollar index oscillated and fell, now trading around 95.
6, but data released within the day showed that China's official manufacturing PMI in May was 50.
1, above the 50-boom line for three consecutive months, while the Caixin manufacturing PMI fell to 49.
2 as expected, lower than the previous value of 49.
4, indicating that the domestic manufacturing industry is still in contraction, thus putting non-ferrous metals under
pressure.
Market: On June 1, Shanghai aluminum trading concentrated 12510-12550 yuan / ton, and the premium for the month was 60-80 yuan / ton
.
Today's warehouse receipts continue to impact the market, but as the spot premium continues to decline, the volume of warehouse receipts decreases compared with yesterday, the period aluminum falls, the spot premium shrinks, the multi-day transaction is sluggish, the holders are eager to exchange cash, take the initiative to reduce the price, due to the lack of aluminum in the future, the willingness of middlemen to replenish is low, only a small number of downstream enterprises receive goods on demand for production just demand, and the price and volume fall pattern, the difference between supply and demand increases
.
Industry: China's 2016 alumina production is expected to climb 5% year-on-year to 61 million tonnes as many refineries restart idle capacity at the beginning of this year and a number of new refineries expand.
Overall, Shanghai aluminum fell under pressure today, hitting a recent low as the dollar index strengthened and the market was bearish
in China's May manufacturing PMI expectations.
In view of the fact that Shanghai Aluminum fell below the previously set long stop loss level, it is recommended to reduce the position and leave the market, and can pay attention to the short construction opportunity around 12,000 yuan, and the target is 11,700 yuan / ton
.
