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Hongye Futures: Early aluminum review on April 30

Hongye Futures: Early aluminum review on April 30


Yesterday the Bank of Japan intervened in the exchange rate, the yen rose sharply and the dollar fell sharply. Non-ferrous metals continued to rise in the evening under the influence of optimistic prospects for Sino-European relations and tensions in the Middle East.

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Overnight London copper rose sharply, closing at $10162. Shanghai copper opened higher on the night rose to a new high, closing at 81,930. Shanghai copper trading fell and positions rose, and the market sentiment was optimistic. The manufacturing data in Europe and the United States is poor, the domestic economic data in March is poor, and the macro fundamentals are weak. Overseas demand is poor, domestic spot demand has not improved, and global inventories are high. Market sentiment continues to strengthen, copper prices continue to be strong in the short term, and the risk of a medium-term correction is higher. Top pressure 85,000, bottom support 75,000. Today, the premium of international copper to Shanghai copper rose to 763 points, and the outer price was stronger than the inner price.

Crude oil fell sharply overnight, and Lun Aluminum bottomed out and rose sharply in the evening, closing at $2,588. Shanghai aluminum night high fell to close small Yang, closed at 20635. Shanghai aluminum trading decline positions rise, market sentiment toward optimism. 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, inventory fell slightly this week, there is some support below, but the late Russian aluminum large probability into Asia, Shanghai aluminum faces strong adjustment pressure in the medium term, pay attention to risks. Top pressure 21,000, bottom support 19,000.