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Today's Shanghai aluminum 1607 contract is unable to rebound, under pressure to decline, the end fell to 12270 yuan / ton, down 1.
33% from yesterday's closing price, the current Shanghai aluminum fell back to the moving average intertwined operation, showing long and short trading cautious, short-term operating range focus on 12150-12450 yuan / ton
.
In terms of external trading, Asia Lun aluminum continued to fall under pressure, and the performance was slightly resistant to the decline compared with Shanghai aluminum, of which Shanghai aluminum closed down 0.
36% to 1537.
5 US dollars / ton, the daily closing price is still close to the level of a month ago, the current Lun aluminum from this round of rebound high of 1686 US dollars / ton fell nearly 9%.
On the macro front, U.
S.
industrial output rose 0.
7% m/m in April, higher than expected growth of 0.
3%, revised from a decline of 0.
6% to a decline of 0.
9% in March, while the annualized rate of housing starts in the United States rose 6.
6% to 1.
172 million in April, also better than expected, and the data increased expectations
of the Fed's June interest rate hike.
The Asian dollar index continued to trade around 95, still not conducive to a further rally
in base metals.
The dollar index remains relatively strong until the US dollar index remains relatively
strong until the market continues to focus on the minutes of this week's Fed April meeting, hoping for signals on whether to raise interest rates in June.
In terms of the market, on May 18, Shanghai aluminum trading concentrated 12460-12550 yuan / ton, and the premium for the month was 20-50 yuan / ton
.
In the morning, the holders sold at a high price, the willingness of middlemen and downstream to receive goods was acceptable, and the spot premium for the month was as high as 50 yuan / ton, but as the price of aluminum fell, the holders diverged, and the middlemen and downstream were at a loss during the day, and the transaction was cold
.
In terms of industry, the aluminum inventory of Japan's three major ports fell to 324,800 tons at the end of April, down 20,800 tons or 6% month-on-month, a nine-month decrease (a cumulative decrease of 172,900 tons or 34.
74%), and a new low since October 2014, as Japan reduced aluminum imports
.
Overall, today's Shanghai aluminum 1607 contract fell under pressure to 12270 yuan / ton, the short-term rebound was blocked, but its performance is still resistant to falling to other base metals, hedging advantages remain, and the extent of its pullback needs to be
viewed cautiously.
It is recommended that the Shanghai aluminum 1607 contract can be backed above 12100 yuan to buy at a pullback, the entry point refers to around 12200 yuan, and the target is 12450 yuan / ton
.
