LME base metals began to dip after Wednesday’s domestic close. Although “the majority of base metals have been sought after by speculative buying in the past few weeks, given that current energy prices have softened, the decline in metal prices should not be surprising.†Comments, but the extent to which the metal price falls is mostly surprising. • Aluminium first fell Wednesday LME aluminum inventories increased by 17,000 tons, after which Lun aluminum slipped below the rate of other metals. The trading volume on that day was magnified to 200,000 lots, and according to foreign brokers commented that "the fund liquidated part of its huge position, there were nearly 40,000 hand longs changing hands. Similar to the market's $150 drop on April 21, the market outlook may have more flat. The warehouse appears.†Noticed that Shanghai Aluminum’s decline momentum was even more fierce on Wednesday, and positions have also been reduced by more than 10,000 lots. From the perspective of positions, it is more obvious to close long positions. There was some similarities between the abrupt collapse of the domestic aluminum market on April 21 and the collapse of London Aluminum. However, it was different from the domestic drive in April (at that time, Shanghai Aluminum’s position was more than 400,000 hands, and currently it is more than 100,000 hands). The decline on Wednesday was mainly caused by the liquidation of the aluminum market, and the increase may be a trigger, perhaps just an excuse. If we say that the aluminum market's trade buying support strength has clearly emerged (estimated by the stabilization and rebound of aluminum prices on Wednesday), the market outlook will be mainly to further liquidate the fund. · London copper from 3100 to 2780 Lun aluminum rebounded after encountering support at around 1700 (perhaps consumer buying), Lonco copper went down like a dislocated Mustang all the way, and the volume of 80,000 lots traded in the venue was enlarged. The decline in prices. However, the sharp decline in London Copper gave Shanghai and London an opportunity to return to normal levels of copper prices. The focus of the market outlook is where to fall. The current strength of the downfall is mainly due to long positions and stop-loss. The stabilization of prices depends on the extent of long positions on the one hand, and the support of trade buying on the other. Contrary to the fact that macro confidence in consumer confidence was severely dampened in April, the copper market is still in short supply. The fundamentals of the aluminum market are also quite strong (though it is still relatively large). Therefore, the current market is treated with the idea of ​​adjusting and maintaining relative strength. (Pang Ying)