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Today's Shanghai aluminum main contract 1706 rushed back down, and the afternoon decline accelerated, the performance was much weaker than other base metals, intraday trading at 14155-13830 yuan / ton, the end of the day closed at 13855 yuan / ton, the daily heavy decline of 1.
14%, for two consecutive days, continue to be suppressed by the United States launched an investigation into aluminum imports
.
At the same time, the positive price difference between Shanghai-aluminum 1705 and 1706 contracts widened to 70 yuan / ton
.
Externally: LME aluminum continued to decline today, of which 3-month LME aluminum continued to fall 0.
7% to 1904 US dollars / ton, for three consecutive days, so that Lun aluminum effectively ran below the moving average group, and the technical support below focused on 1850 US dollars / ton
.
Market: On May 2, Shanghai aluminum trading concentrated 13930-13950 yuan / ton, the discount for the month was 70-60 yuan / ton, Wuxi transaction concentrated 13920-13940 yuan / ton, Hangzhou transaction concentrated 13940-13970 yuan / ton
.
Spot fell below 10,000, holders showed a willingness to hold the price, spot discount narrowed, middlemen mainly for the downstream to receive goods, although the spot fell below 10,000, but on the first day after the holiday, downstream enterprises maintained a wait-and-see mood, Shanghai transaction is general, Wuxi price willingness is weaker than Shanghai, and the transaction is also weaker, the overall transaction shows the first day of return after the holiday
.
On the macro front: The Asian dollar index traded around 99.
15, near the low set on November 11, 2016
.
China's Caixin manufacturing PMI came in at 50.
3 in April, a seven-month low compared to 51 expected vs.
51.
2 in the previous month, combined with the official manufacturing PMI falling back to 51.
2 month-on-month in April, indicating a slowdown
in China's manufacturing expansion in the short term.
Aluminum industry information, on May 2, SMM statistics domestic electrolytic aluminum social inventory, Shanghai area 255,000 tons, Wuxi 447,000 tons, South China Sea 366,000 tons, Hangzhou 84,000 tons, Gongyi 79,000 tons, the total inventory of the five places is 1.
231 million tons, an increase of 25,000 tons
from last Thursday.
During the day, the Shanghai aluminum 1706 contract continued to fall to 13855 yuan / ton under pressure, continuing to be suppressed by the US president's launch of an investigation into aluminum imports, which will restrict China's aluminum exports
.
In operation, it is recommended that the Shanghai aluminum 1706 contract can be backed by 14050 yuan below the sky, enter the reference around 14950 yuan, and target attention to 13750 yuan / ton
.
