The main force of Shanghai aluminum will be further adjusted in the later stage

Yesterday's LME aluminum volatility lower, opening at $1636, the Asian market ended the dive, slightly pulled up to the moving average in the evening and then fell again, ending to a minimum of $1604.
5, closing at $1606, down $26, or 1.
59%.

On the macro front, China's Caixin services PMI in April was 51.
8 and the composite PMI was 50.
8, the second highest since May 2015, from 51.
3 in the previous month, but the employment sub-index rose to 48.
3 from 47.
6, the 11th consecutive month in contraction territory
.
Abroad, the UK composite PMI for April was 51.
9, 53.
2 expected, 53.
6
previously.

In terms of the market, the overnight aluminum price adjusted slightly, the morning close into the delivery period, the short-term bearish sentiment of the holders rose, eager to ship, but the spot quotation is more chaotic, overall the market wait-and-see sentiment is still relatively strong, the overall supply has not surged, the market procurement willingness to maintain the order, downstream did not appear strong desire to purchase, near the weekend are indicating sufficient inventory, traders for the market wait-and-see willingness is stronger, maintain a cautious attitude
.

At present, there is no new positive stimulus in the fundamentals, the main force of Shanghai aluminum fell, close to the 20-day moving average support level, the technical downward trend is obvious, the subsequent rebound momentum is lacking, the cautious mood in the spot market may drive the aluminum price to further adjust, pay attention to the 20-day moving average support level
.