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Today's Shanghai aluminum main contract 1707 is accumulating strength, the late rise has been given up, intraday trading at 14090-13860 yuan / ton, the end of the day closed at 14030 yuan / ton, the daily close up 0.
32%, but has not effectively broken through the upper moving average suppression, its technical form is slightly stronger than other base metals
.
At the same time, the positive price difference between Shanghai aluminum 1706 and 1707 contracts widened to 65 yuan / ton
.
External: LME aluminum bottomed out today, of which the 3-month Lun aluminum fell to 1914 US dollars / ton, now reported at 1925 US dollars / ton, the current Lun aluminum technical form slightly resistant to other base metals, from the previous high of 1973 US dollars / ton down 2.
43%, the following technical support focus on 1910 US dollars / ton
.
Macro: The Asian dollar index continued to fall and is now trading around 97.
6, significantly depleting yesterday's gains
.
Today's German PPI data was better than expected, and Eurozone CPI rose 1.
9% in April, in line with expectations and better than the previous reading
.
In addition, the latest report by the World Bureau of Metal Statistics (WBMS) shows that the global aluminum market has a supply shortage of 356,000 tons from January to March 2017, compared with 198,000 tons in the same period last year, indicating a slight widening of the shortage, as global primary aluminum demand increased faster than production
.
From January to March, global primary aluminum consumption was 1,505 tons, an increase of 1.
148 million tons year-on-year; global primary aluminum production was 14.
694 million tons, an increase of 99 tons
year-on-year.
Market: According to SMM reports, on May 19, Shanghai traded 13890-13900 yuan / ton, discounted 100-90 yuan / ton for the month, Wuxi concentrated 13890-13900 yuan / ton, Hangzhou transaction concentrated 13900-13910 yuan / ton
.
Holders are actively shipping, the market circulation Weiqiao brand aluminum ingots have increased, prices have risen sharply, downstream enterprises prepared goods in advance yesterday for the weekend, and today's purchasing willingness has weakened, resulting in weakened traders' activity, and the overall transaction fear is suppressed
.
During the day, the Shanghai aluminum 1707 contract rose slightly, performing better than other base metals, but there was no obvious breakthrough in the technical pattern, indicating that the upper selling pressure was heavier, and the short-term operation idea was
short.
In operation, it is recommended that the Shanghai aluminum 1707 contract can be backed by 14150 yuan below the sky, and the entry reference is around 14080 yuan, and the target is 13920 yuan
.
