SHFE copper bottoms out, SHFE aluminum hits new high for the phase [Institution Comment]

[Futures Market] During the night session, SHFE copper futures fluctuated, while in the afternoon session of the daytime trading, they rebounded. The most-traded June contract closed at 78,090 yuan, up 0.08%, with total trading volume and open interest both decreasing by over 12,000 lots. The most-traded SHFE aluminum contract hit a new high during the night session and fluctuated during the daytime trading. The most-traded June contract closed at 20,005 yuan, up 1.27%, with both total trading volume and open interest decreasing. Meanwhile, the most-traded September alumina futures contract closed at 2,840 yuan, up 0.89%.

[Analysis] During the night session, the US dollar rebounded, limiting the upside of non-ferrous metals. In the daytime trading, the US dollar's gains weakened, and copper futures resumed their rebound. However, the overall open interest in copper futures decreased significantly, and they still faced resistance from the gap down on April 7. SHFE aluminum futures resumed their rebound, but the decrease in open interest and trading volume did not support the rally, so caution is advised when rushing to buy amid continuous price rise in the short term.

[Valuation] Copper is neutral to slightly high, while aluminum is neutral.

[Risks] External risks.

(Source: China Fortune Futures)