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Hongye Futures: Aluminum early review on May 16

Hongye Futures: Aluminum early review on May 16


Us PPI data was in line with expectations and continued to rise from the previous month, and the Federal Reserve said it was likely to keep the current interest rate. Overnight, the US dollar fell sharply, US copper rose to a new high, and London and Shanghai metals rose and fell. Watch for US CPI data tonight.

Us PPI annual rate of 2.2% in April, expected 2.20%, 2.10% previously. The United States announced additional tariffs on China's electric vehicles and other products. The Federal Reserve said interest rates should stay where they are, while the European Central Bank said it could cut rates sharply in June.

Overnight London copper fell sharply and closed at $10,075. Shanghai copper overnight high fell down closed in the Yin, closed at 81090. Shanghai copper trading rose positions fell, the market sentiment is bearish. The manufacturing data in Europe and the United States is not good, the domestic manufacturing data in April fell slightly, and the macro fundamentals are weak. Overseas demand is poor, domestic spot demand has not improved, and global inventories are high. Us copper skyrocketed, but London and Shanghai copper weakened, the market confidence is insufficient, and the market is expected to weaken. Top pressure 82,000, bottom support 75,000. Today, the premium of international copper to Shanghai copper fell to 632, and the outer price was stronger than the inner price.

Overnight crude oil fell sharply, and Lun Aluminum bottomed out and rose slightly, closing at $2,549. Shanghai aluminum night low open low closed small Yin, closed at 20440. Shanghai aluminum trading positions are down, the market sentiment toward caution. Shanghai aluminum price is stronger than Lun aluminum, the net import of primary aluminum in March increased by 90%. Aluminum spot demand gradually improved after the year, a small decline in inventory this week, there is some support below, but the late Russian aluminum large probability into Asia, the overall balance of supply and demand. Shanghai Aluminum faces strong adjustment pressure in the medium term, pay attention to risks. Top pressure 21,000, bottom support 19,000.