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As of the close of 3 p.
m.
, the main 2206 contract of Shanghai aluminum closed down at 20465, down 415, or 1.
99%.
Intraday aluminum price weakness continued, maintaining a volatile downward trend, the end of the day fell below the 20500 line of support, from a technical point of view, the current Shanghai aluminum has gradually tested the 10-day moving average support, short-term does not rule out the possibility
of breakdown.
At the macro level, the tone of domestic and foreign policies has clearly forked, and domestic easing policies have boosted sentiment in the short term, but it will take time for the recovery of the real economy and the reconstruction of market confidence, while the world is facing the problem of slowing economic growth, and the overall nonferrous sector has been under pressure
for a long time.
In terms of demand, affected by the impact of the epidemic, the output of downstream aluminum alloys and aluminum products in April fell by 1.
7% and 7% respectively year-on-year, but the exports of aluminum products, aluminum alloys and electrolytic aluminum all increased significantly; At the terminal, real estate is still in the bottom-building stage, and the policy vigorously supports the automobile and infrastructure industries, and the growth is expected to strengthen.
The demand side is gradually recovering, and it is expected that the market volatility of aluminum prices will be strong
.
On the plate, the current support below Shanghai aluminum is strong, and it is expected to operate
in the range of 20000-22500.