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Today's Shanghai aluminum 1607 contract oscillated and rebounded, partially cutting overnight losses, closing at 11910 yuan / ton at the end of the day, down 1.
2% from yesterday's closing price, for five consecutive trading days, the daily closing price hit the lowest point since April 12 this year
.
In the external market, Asian Aluminum rushed back down, the rebound was weak, of which Shanghai Aluminum closed down 0.
06% to 1559 US dollars / ton, the daily closing price fell back to the level of two weeks ago, nearly 3.
9%
lower than the high of 1686 US dollars / ton in this round of rebound.
Macro: The Asian dollar index stabilized, basically maintaining its gains in the past week, and is now trading around 94.
1, which has put clear pressure
on commodities.
In addition, China's April PPI was -3.
4% y/y, better than expected (-3.
7%) and the previous value (-4.
3%), and PPI fell for the 50th consecutive month y-o-y, but the decline narrowed further
.
Meanwhile, China's CPI rose 2.
3% year-on-year in April, indicating a slowdown
in domestic deflationary risks.
In terms of market: Shanghai aluminum trading concentrated 11970-11990 yuan / ton during the day, and the discount was 10 yuan / ton to flat water
.
Shanghai inventory is higher, the circulation supply is sufficient, the supply of goods in Wuxi market is tight, middlemen and downstream receiving goods are willing to be more active than Shanghai, so Wuxi spot price is higher than Shanghai, Hangzhou low price transaction is active, the morning market quickly digests 12000-12010 yuan / ton of low-price sources, the overall transaction has regional differentiation
.
On the whole, Shanghai aluminum maintained an oscillating downward trend during the day, indicating that there was a certain selling pressure above, but after falling for five consecutive trading days, the decline rate of Shanghai aluminum slowed down significantly, and short-term attention was paid to the possibility
of technical correction.
It is recommended that the Shanghai aluminum 1607 contract can be backed above 11800 yuan to bargain and build more, the entry point refers to around 11860 yuan, and the target is 12200 yuan / ton
.
