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On Wednesday morning, the offshore yuan soared, the risk of short-term capital tightness increased, black led the decline, and commodities fell
almost across the board.
Shanghai aluminum opened at the 14,000 yuan / ton integer mark in the morning, the early stage of the early entry of bulls concentrated on exiting, aluminum prices passively downward, and then opened the short home, Shanghai aluminum steadily declined, the end of the session accelerated the down, the low touched 13710 yuan / ton, closed at 13715 yuan / ton, the trading volume increased to 219094 lots, and the position increased by 9450 lots to 221712 lots
.
Among the base metals, Shanghai aluminum fell significantly, the RMB may continue to be strong in the short term, and it is expected that Shanghai aluminum may record a technical correction, but prices are still under pressure
this week.
In terms of the external market, Lun aluminum opened at 1928.
5 US dollars / ton in the morning, and the center of gravity of trading steadily shifted down after the opening, successively falling below the 40/60/20 daily moving average, entering the European trading session, Lun aluminum volume continued to decline, the low touched 1909 US dollars / ton, as of 17:00, Lun aluminum reported 1911 US dollars / ton, down 19 US dollars / ton, down 1.
01%.
After three consecutive negatives, the upward trend of 2 consecutive weeks has been broken, the short-term aluminum may still have downward pressure, the US dollar fluctuates widely, and the 1900 US dollar / ton integer mark support
.
On the macro front, data released by the National Bureau of Statistics showed that China's manufacturing purchasing managers' index (PMI) in May 2017 was 51.
2, unchanged from the previous month, and the economy maintained an expansion range for 10 consecutive months
.
Despite the good PMI data, the overall trend of non-ferrous metals remains weak, and the dollar index is weakened by expectations of a June rate hike by the Federal Reserve, which dragged down the trend of the non-ferrous market
.
In terms of the market, aluminum fell to around 13805 yuan / ton before noon
.
Shanghai transaction concentration 13730-13750 yuan / ton, for the month discount 90-70 yuan / ton, Wuxi transaction concentration 13730-13740 yuan / ton, Hangzhou transaction concentration 13750-13770 yuan / ton
。 Dragon Boat holiday aluminum ingot inventory is expected to increase slightly, Shanghai aluminum to make up for the decline of the Dragon Boat market, smelters wait-and-see sentiment breeding, shipments less, Wuxi Weiqiao brand supply less, transaction price slightly higher than Pu aluminum, concentrated 13750-13760 yuan / ton, traders shipments are more active, middlemen are mainly for downstream enterprises to receive goods, subject to month-end financial factors, speculation ratio is also decreasing, the first day of the return of the Dragon Boat Holiday spot price fell sharply, coupled with the financial factors at the end of the month, downstream enterprises have wait-and-see, the overall transaction supply exceeds demand
。 In the late afternoon, aluminum continued to decline in the month, traders switched to the main monthly pending orders, the price was concentrated on the July discount of 130 yuan / ton, the spot price is 13670-13740 yuan / ton, almost no transaction
.
Before the holiday, there was a wave of pullbacks in Lunaluminum, profit taking pressure appeared, and Shanghai aluminum also followed the fall
after the opening on Wednesday.
China's PMI data fell steadily, or it may indicate that PPI will continue to decline
in May.
Shanghai aluminum has now fallen below all moving averages, focusing on whether there can be support
around 13,800 yuan.
