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The prospect of aluminum market is worrying
LME three-month aluminum fell 31 US dollars to 1858 per ton. Shanghai's current aluminum price is 16,800 yuan / ton level. As the arrival of aluminum ingots did not increase as much as expected, the local aluminum market was insufficient to further aggravate the reluctant attitude of suppliers. Although the aluminum prices in the external market and futures markets have weakened, the spot market has maintained a steady upward trend in recent days. Near May Day holiday, many aluminum processing companies also intend to reserve a certain inventory, resulting in the market to buy back. Today's trading range is between yuan/ton. China has announced its economic indicators for the previous quarter, including GDP growth of 9.8%, which has exceeded 9% for seven consecutive quarters. The U.S. government also frequently exerts pressure on China, hoping to change the current exchange rate mechanism, and the market has renewed rumors about the appreciation of the renminbi. At the same time, in order to limit aluminum exports, the state will surely introduce more stringent control measures. The uncertainties in the policies have caused the outlook for the aluminum market to be worrisome.