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[brief comment on SMM Aluminum] the decline in inventory is narrowed to confirm that consumption has weakened and Shanghai Aluminum has maintained a weak trend.
Jul 1,2019 17:02CST
translation
Source:SMM
The decline in inventory is narrowed to confirm that consumption has weakened and Shanghai Aluminum has maintained a weak trend.
The content below was translated by Tencent automatically for reference.

SMM, July 1 / PRNewswire-Asianet /-

Shanghai Aluminum main contract 1908 opened in the morning at 13830 yuan / ton. After the opening of the market, the long small increase in Shanghai aluminum high touch 13855 yuan / ton, has not yet reached the 5-day moving average. After that, with the announcement of social aluminum ingot inventory, the decline in aluminum ingot inventory decreased, and aluminum prices entered the downward channel. More flat into aluminum prices hit 13720 yuan / ton, at the end of the day short profit-taking, aluminum price shock closed at 13750 yuan / ton, located below all averages. The position decreased by 1392 hands to 242686 hands, while the Shanghai Aluminum Index increased its positions by 988 hands to 695042 hands. Short-term aluminum prices are still relatively weak, mainly because the third quarter is the traditional off-season of aluminum downstream consumption, and the decline in social aluminum ingot stocks is a perfect reflection of market expectations, aluminum prices are still expected. Aluminum prices are expected to remain weak and volatile in the evening, waiting for further confirmation of expectations by market consumption.

(Shanghai Nonferrous Network Yi Liang 021 20707892)

Evening news

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