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On Monday, Shanghai aluminum continued to fall under pressure, and the contract 1607 closed at 12055 yuan / ton at the end of the day, down 2.
31% from the previous closing price, and the daily closing price hit the lowest point since April 20 this year
.
In the external market, the Asian market Lun aluminum oscillation rose slightly, of which Shanghai aluminum closed up 0.
5% to 1614 US dollars / ton, the daily closing price fell back to the level of two weeks ago, from this round of rebound high of 1686 US dollars / ton down nearly 3.
9%.
On the macro front: U.
S.
nonfarm payrolls rose by just 160,000 in April, far worse than expected and the weakest pace since September 2015, meaning the U.
S.
economy began to slow
at the start of the year.
Meanwhile, China's exports fell 1.
8% year-on-year in April and imports plunged 10.
9% year-on-year, both sharply worse than expected and the previous reading, indicating a slowdown in both domestic and external demand in China, which led to high risk aversion, and the dollar index is now trading around
93.
9.
In terms of the market, Shanghai spot aluminum trading on Monday concentrated in 12360-12380 yuan / ton, after 11 o'clock aluminum plummeted, the main contract once fell below 12000 yuan / ton, spot dealers accordingly lowered the price, but the period aluminum is still a premium in the month, the market is mostly in a wait-and-see state, there is no market, and the willingness of receivers to trade is low
.
In terms of industries, China's exports of unwrought aluminum and aluminum products in April were 400,000 tons, down 7% year-on-year, as domestic aluminum prices rose sharply and exports are expected to continue to decline
in the coming months.
Overall, the trend of Shanghai aluminum is under pressure, showing that there is a certain selling pressure above, and the performance continues to be weaker than that of Lun aluminum, but after the short-term aluminum price continues to decline, the risk of pullback may be released, and the short-term should not be too bearish, it is recommended that the Shanghai aluminum 1607 contract pay attention to the performance
of 12300 yuan / ton line.
