Aluminum continued to rise on Thursday. After the aluminum opened higher at 1954.5, it oscillated slightly and fell to 1937.5. With the influx of buying prices, aluminum prices gradually rebounded, reaching a high of 1989.5, compared with the closing price of 1973, up from US$20 on Wednesday. A total of 84,716 contracts were handed over the day, an increase of 70 lots compared to Wednesday; the holdings were 427,753 lots, which was a decrease of 1,607 lots compared to Wednesday; and the inventory volume was 547,300 tons, which was 1300 tons less than the previous Wednesday. The London Metal Exchange (LME) copper futures rose sharply on the 31st as the dollar’s ​​decline stimulated buying by funds. Aluminum was boosted by the rising of copper, and it was able to get rid of the weakness at the beginning of the session and rebounded to US$ 1986.50 per ton. Although there was a retracement of commercial sales at the high end and a close, the traders remained optimistic about the further rise in the market. The US dollar’s ​​strength in recent weeks has put pressure on the base metals, so a slight decline in the US dollar has caused the fund buying to re-enter the market. Overnight in the North American market, the dollar rebounded, but closed lower on Thursday. USD/JPY had a low 106.64, closed to a steady 107 line; the Canadian dollar rose and covered the decline on Wednesday. In terms of data, the number of jobless claims in the United States increased to 350,000 at the beginning of the week, dragging the dollar index down to 83.73. Afterwards, the Chicago purchasing managers' index rose sharply to 69.2 in March, driving the dollar back above 84.00. Today, the focus is on the non-agricultural employment report of the US Department of Labor. It is expected that the number of new non-agricultural employment in March will be around 235,000. In addition, the US ISM manufacturing index for March will be released at 23:00 with an expected value of 55.0. The US dollar index oscillated and the short-term trend tended to oscillate. Operational recommendations: lighten up rallies.
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