On the same day, the LME opened higher and opened lower, with 1793.5 opening and 1786.5 closing, down 10 points. As aluminum inventories increased by 550 tons on the same day, LME prices continued to fall and recently fell below the support level of 1,800 U.S. dollars, regardless of fundamentals or technical aspects.
Seriously insufficient, if there is no good news in the near-term market, Lun Aluminum will further decline.
From the view of Shanghai Aluminum, the main 0511 contract opened at 16,460 yuan, a higher 16470, a lower 16450, compared to a closing income of 16,460 yuan. 802 transactions throughout the day, the transaction volume has shrunk.
Affected by LME aluminum prices, Shanghai Aluminum has continued to oscillate downward trend, and at the same time as the spot price is close to the cost price, this will support Shanghai Aluminum's future premium rise. Although it was in the peak season of consumption, the overall market demand was relatively weak, investment funds did not find any opportunity to intervene, and the liquidity of the Shanghai aluminum market was relatively poor. It is predicted that Shanghai Aluminum will continue to oscillate in the near future.
Operational advice: long and short stalemate, continue to wait and see.
(Nandu Futures Lu Xiaohua)