Investors were cautious. Aluminum futures fell due to shock.
London Metal Exchange (LME) aluminum futures closed lower on July 4. Intraday trading was light, and investors were cautious. The rise of the US dollar and the stagnation of the global economy have affected the demand for metals. LME three-month aluminum fell 1.4% to US $1956 per ton
trading in the LME market was suppressed on Wednesday, as today coincided with the US Independence Day holiday, and US market participants left the market. Industry participants said that these investments will save a lot of raw materials before the European Central Bank (ECB) announced its interest rate resolution on Thursday and the US non farm employment data on Friday. The weakening euro also pressured metal prices. Investors are also waiting for the release of the key US nonfarm payrolls report on Friday. If the data is disappointing. It may raise expectations that the Federal Reserve will further implement loose monetary policyThe Markit survey report released on Wednesday showed that the decline in private activities in the euro zone was only slightly eased in June, as companies took price reduction measures This data performance supports the expectation that the European Central Bank (ECB) may cut interest rates this week. The final value of Markit euro zone comprehensive purchasing managers' index (PMI) in June was revised up to 46.4, the initial value was 46.0, and the value in May was also 46.0. In the past 10 months, the index has been below the boom bust threshold 50 for nine months, indicating that the economic weakness of the eurozone has spread to core countries
domestic seamless gas cylinders, which fluctuated after Shanghai aluminum jumped high on July 4, continued to rise with insufficient momentum. The expectation that many central banks will sacrifice economic stimulus measures once boosted market sentiment, but the market has gradually digested this positive expectation. At present, the aluminum market is still facing the constraints of oversupply, declining costs and slowing demand. Technically, the breakthrough of the futures price beyond the long-term downward trend line is due to the growth pressure of the utilization demand of the driveline and interior and exterior decoration, but the pressure of 15750 points still exists. The closing of London Aluminum overnight refers to that the boards and cards used by hengsi Shanda Jinan experimental machine for experiments are low, and Shanghai aluminum may maintain a volatile trend in the short term
in terms of spot, the average spot price in Shanghai was reported at 15720 yuan/ton, up 150 yuan/ton from yesterday. The average spot prices of Changjiang nonferrous metals and Guangdong Nanchu were reported at 15740 and 15720 yuan/ton respectively. The popularity of the current aluminum market is even less popular. The goods holding traders are active in shipping, but it is difficult to see downstream receiving inquiries, which has dragged down the focus of the transaction. Only some delivery brands are out of stock, the price is strong, and the overall transaction is cold