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Futures market: Investors are worried about oversupply in the aluminum market this year, ING analysts expect a surplus of 1.
5 million tons, while global production has risen, Lun aluminum fell nearly 1% during the holiday, overnight London aluminum shock rebounded, the latest closing quotation of $1490 / ton, up $5, or 0.
37%1
.
From tonight, the night trading of commodity futures and options related varieties of the Shanghai Futures Exchange will resume.
Shanghai aluminum is expected to open significantly lower to around
12400 today with the external market.
There is cost support at the current price of Shanghai aluminum (below 12500), but the demand side is poor, and the short-term may continue to operate
around the 12500 cost level.
Shanghai aluminum upper pressure 60-day moving average 12700, lower support 20-day moving average 11800
.
The US ISM manufacturing PMI recorded 41.
5 in April, the lowest level since April 2009, and 36
expected.
Eurostat: Eurozone GDP fell 3.
8% month-on-month in Q1, the lowest level since records began in 1995; It decreased by 3.
3%
year-on-year.
Eurozone Final Manufacturing PMI for April: 33.
6 prior, expected: 33.
6, announced: 33.
4
.
On May 1, Trump said that he would retaliate against the epidemic, the global market plummeted, and the global daily new diagnoses continued to be high during the holiday, and yesterday's global new cases were close to the high
.
However, at present, the new additions are mainly concentrated in developing countries, and the United States and Europe may restart their economies faster than expected, and non-ferrous metals continue to rebound
slightly after the sharp decline on May 1.
In terms of inventories, the London Metal Exchange (LME) reported 1355025 metric tons of London aluminium on May 5, down 150 metric tons
from the previous trading day.
On April 30, the domestic spot aluminum price remained stable, and the spot AOO aluminum ingot price of Yangtze River Nonferrous Metal Network was reported at 12790 yuan / ton, up 10 yuan; The price of Chinalco East China AOO aluminum ingots was 12,800 yuan / ton, up 20 yuan
.
Due to the decline in bauxite and alumina prices in the upstream of the industrial chain, as well as the recovery of aluminum prices in the early stage, the profit repair of the electrolytic aluminum industry, the logic of production reduction has temporarily come to an end, waiting for consumption guidance after the holiday, consumption improvement needs to be further observed, and spot aluminum prices are expected to rise
slightly today.
