The macro performance is unstable and aluminum prices lack upward support

The poor performance of the US small non-farm payrolls data became another signal of the weakness of the US economy, while China's Caixin data showed that the overall confidence of companies in the future has declined, concerns about demand have triggered market risk aversion, domestic and foreign economic data are weak, and Shanghai aluminum prices have fallen
.

The continuous decline in Lun aluminum inventory provided upward support for the price of Lun aluminum; However, the collapse in crude oil prices spread market pessimism, weighing on commodity market sentiment, and aluminum prices fell under pressure
.
Recently, the price trend of London aluminum has maintained a ups and downs.

The market mainly focuses on the $1700 support level
.

Fresh aluminum price trend in recent days to maintain a volatile downward trend, CCMN data shows that the weekly average quotation of Yangtze spot AOO aluminum ingots is 14110 yuan per ton, down 30 yuan / ton per week, and the average price of spot aluminum per ton of Yangtze River in the previous week was 14260 yuan, down 150 yuan / ton, down 1.
1%
month-on-month.

In terms of inventory, the trend of Lun aluminum inventory maintained a downward trend, and the latest inventory was reported 1114125 metric tons, reducing the inventory by a total of 40,900 metric tons, a decrease of about 3.
5%; The total aluminum stock on the Shanghai Futures Exchange this week was 476617 tons, down 30,736 tons, or about 6.
1%,
from last week.

Macro information, the planning and construction of Xiong'an New Area is being promoted in a strong, orderly and effective manner, and now it has shifted from top-level design to the substantive construction stage, and more and more projects are coming with good news
.
Resonating with the increasing global trade tensions and the downward pressure on the US economy, the Fed had to "relax" its interest rate
cuts.

Aluminum market dynamics:

1.
In April 2019, the export volume of aluminum cable was 14,700 tons, a year-on-year and month-on-month decrease of about 23%.

2.
The output of major Iranian aluminum manufacturers from March 21 to April 20 in the first month of the Iranian calendar totaled 20,415 tons, a year-on-year decrease of 33%.

The outlook for the future market, the recent macro instability, superimposed on the consumption off-season, downstream enterprises received flat goods, market trading showed light, this week's spot aluminum price trend is relatively weak
.
The escalating trade dispute between China and the United States, trade tensions have heated up risk aversion in the market, investors have stopped and waited, lack of support is expected to maintain a volatile trend in spot aluminum prices next week
.