SMM Aluminum Morning Meeting Minutes 7.20: Domestic macro continued to release positive The spot market traded in light volume on Wednesday

On the night of July 19, Shanghai Aluminum main 2308 contract opened at 18,255 yuan/ton, the lowest point was 18,250 yuan/ton, the highest point was 18,325 yuan/ton, and it closed at 18,280 yuan/ton. Up 25 yuan/ton, up 0.14%. Lun Aluminum opened at $2206 / ton on the last trading day, the lowest point was $2180 / ton, the highest point was $2214 / ton, and it closed at $2185.5 / ton, down $20 / ton, down 0.91%.
On the macro side, the Chinese government continues to voice to boost the economy, and it needs to continue to pay attention to the pace of overseas interest rate hikes. The basic domestic market is still in an oversupply pattern, but the hot weather in the southwest makes the market worry about the prospects of power supply in the southwest region. The cost of electrolytic aluminum has rebounded under the drive of alumina, which has brought certain support to aluminum prices. SMM believes that The game between bulls and bears will remain deadlocked, and Shanghai aluminum will continue to fluctuate in a narrow range.

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