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Today's Shanghai aluminum main contract 1707 rose weakly, around 13970 yuan / ton around narrow fluctuations, intraday trading at 13890-14060 yuan / ton, the end of the close at 13965 yuan / ton, a slight daily decline of 0.
14%, 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 fell to 50 yuan / ton
.
Externally: LME aluminum fell under pressure today, but its performance was still resistant to other base metals and Shanghai aluminum, of which 3-month Lun aluminum edged down 0.
39% to $1900 / ton, but aluminum prices are still effectively running below the moving average group, indicating that short-term downside risks remain.
Macro: The Asian dollar index continued to fall under pressure, falling to around 98.
5, a new low
since November 8 last year.
In addition, the US CPI rose 2.
2% year-on-year in April, lower than the expected 2.
3% and the previous reading of 2.
4%, and the core CPI fell to a new 19-month low year-on-year, indicating that US inflationary pressures have slipped, reducing the Fed's June interest rate hike expectations
.
Aluminum industry information, according to SMM statistics, the low inventory of domestic electrolytic aluminum consumption was 1.
181 million tons, down 14,000 tons
from the previous month.
Market: on May 16, Shanghai spot aluminum trading concentrated 13840-13850 yuan / ton, the discount for the month 80-70 yuan / ton, Wuxi spot transaction 13830-13850 yuan / ton, Hangzhou spot transaction 13860-13880 yuan / ton, the period aluminum fell within the day, holders are willing to ship at a high price, middlemen expect a greater discount to enter the market, downstream enterprise orders fell in May, coupled with bearish holders actively shipping, but on the delivery day, the market willingness to receive goods weakened, 13850 yuan / ton is the overall transaction concentration price of the East China market, a small amount of bargain hunting downstream purchases, the willingness of middlemen to receive goods is not strong, and the overall transaction of the East China market on the delivery date is relatively general
.
The Shanghai aluminum 1707 contract oscillated to 13965 yuan / ton during the day, which was partially dragged down by the pressure and setback of Shanghai zinc, but its performance was still relatively resistant
.
In terms of operation, it is recommended that the Shanghai aluminum 1707 contract can be backed by 13750 yuan above the dip, the entry reference is around 13900 yuan, and the target reference is 14050 yuan / ton
.
