SMM, July 21:
Yesterday, the main contract of Shanghai Aluminum opened at 14270 yuan / ton in the morning, rose and then fell shortly after the opening, as low as 14185 yuan / ton, as high as 14335 yuan / ton, and then fluctuated down to around 14200 yuan / ton; afternoon volatility narrowed, fluctuating within the range of 14200 Mustang 14265 yuan / ton, and finally closed at 14245 yuan / ton, trading volume reduced to 91000 hands, position reduced to 120000 hands, the daily line closed on Shadow Xiaoyang, rebounding for the second day in a row. The total position in the Shanghai Aluminum Index increased to 398000 lots, while the trading volume decreased to 202000 lots. Last Friday night trading Shanghai Aluminum opened at 14120 yuan / ton, opened at 14310 yuan / ton and then fell back, followed by strong fluctuations, but failed to break through the initial high, then fell back from 14300 yuan / ton, and closed at 14240 yuan / ton at the end of the day. Domestic demand has recovered steadily, the weakening of demand in the downstream summer off-season is not obvious, the accumulation of social inventory is slow, and the bullish effect of spot rising water on futures prices is still there. It is expected that the main operating range of Shanghai Aluminum will be 14000 MFY 14400 yuan / ton today.
Overnight aluminum opened at $1661.0 / ton, alternating in the Asian session, fluctuating in the range of $1657, 666 / ton, weak adjustment in the European market, and no big change in the fluctuation range; the US market fell first and then rose, rebounding from the intraday low of $1654.0 / ton to an intraday high of $1670.0 / ton. Late trading fell back and closed at $1662.5 / ton, trading volume increased to 9300 lots, position reduced to 808000 lots, daily line small cross star. The operating range is expected to be $1650 / ton today.
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