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On Monday, the Shanghai aluminum 1607 contract oscillated and rebounded, performing stronger than other base metals, closing at 12225 yuan / ton at the end of the day, up 1.
28% from Friday's closing price, and the current Shanghai aluminum effectively runs above M60, and the technical trend is strong
.
In terms of external trading, Asia Lun aluminum once again rushed back down, the performance was much weaker than Shanghai aluminum, of which Shanghai aluminum closed only slightly up 0.
23% to 1541 US dollars / ton, the daily closing price fell back to the level of nearly a month ago, from this round of rebound high of 1686 US dollars / ton fell nearly 8.
6%.
Macro: U.
S.
retail sales rose 1.
3% m/m in April, significantly higher than market expectations of 0.
8%, which strongly boosted the prospect of the U.
S.
economic recovery in the second quarter, causing the dollar index to rebound strongly to around 94.
6, and today's Asian dollar index basically maintained Friday's gains, continuing to trade around
94.
5.
In addition, China's industrial added value in April, fixed asset investment growth rate and other data released over the weekend were empty as expected, and it is necessary to pay attention to the interpretation
of the external market tonight.
Market: On May 16, Shanghai aluminum trading concentrated 12340-12350 yuan / ton, which was flat water
in the month.
The last trading day of the 1605 contract, the price difference of the next month is 60 yuan / ton, the spot price after the change of month falls, the holder seizes the last opportunity, the shipment attitude is positive, alleviate the tight state of last Friday, the supply is relatively loose, the middleman and the downstream choose to wait for the change of month, the willingness to receive the goods is cooling, and the overall transaction shows the characteristics
of Monday.
Industry: China's primary aluminum production in April was 2.
57 million tons, down 1.
2% year-on-year, 1.
9% month-on-month, the fourth month of decline in the past five months, the cumulative output of primary aluminum from January to April was 9.
94 million tons, down 1.
7% year-on-year, and the average spot price of Yangtze River aluminum rose by 15.
2% during the same period, which means that when aluminum prices rose, aluminum companies did not have concentrated production resumption
.
Overall, the intraday Shanghai aluminum 1607 contract oscillated to 12225 yuan / ton, continuing the short-term technical rebound, or will further attract funds to enter
.
It is recommended that the Shanghai aluminum 1607 contract can be backed by 12050 yuan above the dip and build more, the entry point refers to around 12150 yuan, and the target is 12300 yuan / ton
.
