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On Tuesday, the main monthly 1807 contract of Shanghai aluminum opened at 14,710 yuan, with an intraday high of 14,720 yuan and a low of 14,610 yuan, and closed at 14,645 at the end of the session, unchanged
from the previous trading day.
The market's concerns about the oversupply of electrolytic aluminum have not subsided, the upward support of aluminum prices is insufficient, and Shanghai aluminum stabilized within the day
.
Macro information, China's Caixin services PMI in May was 52.
9, unchanged from expectations and the previous month; China's Caixin composite PMI in May was 52.
3, unchanged
from the previous month.
China's service sector employment continued its expansion since September 2016 in May, reaching a four-month high, but overall growth remained modest
.
Composite PMI data showed that China's economic activity maintained a slight increase
in May.
Overall, the growth momentum of business activities in the service sector is still stronger than that in the manufacturing sector; Employment growth in the service sector offset the contraction in manufacturing; Input costs have risen slightly, and China's economy is in a stage of steady development
.
Good news
.
In terms of market, Shanghai transaction concentration 14510 ~ 14530 yuan / ton, for the month discount 50 ~ 40 yuan / ton, Wuxi transaction concentration 14510 ~ 14530 yuan / ton, after the upward movement, Shanghai transaction concentration 14540 ~ 14550 yuan / ton, for the month discount 50 ~ 40 yuan / ton, Wuxi transaction concentration 14540 ~ 14550 yuan / ton, Hangzhou transaction concentration 14540 ~ 14560 yuan / ton
.
Holders ship normally, but the willingness of middlemen to receive goods has increased more, downstream enterprises purchase on demand, and the overall transaction has picked up compared with the previous day, mainly from the contribution of
traders.
The transaction volume of Guangdong spot market is concentrated at 14600~14650 yuan / ton, and the price difference between Guangdong and Shanghai remains around
90 yuan / ton.
On the one hand, the rise of aluminum futures, on the other hand, the local spot inventory continues to decline, the supply is tight, the willingness of the holders to ship is not strong, and there are some rumors about the policy of captive power plants, so the willingness of middlemen to receive goods is very strong, and the downstream maintains on-demand procurement, and the overall transaction of the Guangdong market is hot
.
In terms of inventory, during the day, the aluminum warehouse receipt of the previous period was 801620 tons, down 1128 tons
from the previous trading day.
As of June 5, LME aluminum stocks fell by 7,050 tonnes to 1,192,100 tonnes
.
On the whole, the international political and economic chaos has disturbed the market, the US dollar has weakened, and the trend of London aluminum is strong, which is good for aluminum prices
.
Technically, the daily K-line is supported by the 5-day moving average, but the pressure of the upper 20-day moving average and the 40-day moving average is still there, and the KDJ indicator extends downward, and it is expected that the main force of Shanghai aluminum 1807 oscillation operation, the operating range of 14500-14900, for reference
only.
