Shanghai aluminum low volatility short-term atmosphere is empty

On the macro front, the World Bank lowered its global economic growth forecast for 2016 by 0.
5% to 2.
4%, saying that downside risks are more significant; China's exports in May were -4.
1% year-on-year, -4% expected, and -1.
8% in the previous month; China's PPI in May was -2.
8% year-on-year, and it was expected to be -3.
2%, and the decline continued to narrow
.
Overall, the influence of macroscopic factors on non-ferrous metals is neutral
.

In terms of the market, as of June 8, the spot price of A00# aluminum was 12230 yuan / ton, up 40 yuan / ton from the previous day, and 25 yuan / ton was discounted from the Shanghai aluminum near-month contract.

In terms of inventory, as of June 10, the aluminum inventory in the previous period was 53,300 tons, down 5,370 tons from the previous day; measured by the closing price of Shanghai aluminum, the actual ratio of the Shanghai aluminum 3 contract to the London aluminum March contract was 7.
47 (import ratio was 8.
26), and the import loss was about 1240 yuan / ton (excluding financing income).

Looking forward to this week, the price of London aluminum has signs of weakening volatility after the end of Shanghai aluminum, and the fundamentals are slightly weak, so it is recommended that investors maintain a wait-and-see focus and maintain a short-term short line of operation
.