SMM, July 15 / PRNewswire-Asianet /-

Shanghai Aluminum main 1908 contract opened in the morning at 13795 yuan / ton. More than short after the opening of the market, Shanghai aluminum low hit 13770 yuan / ton 10-day moving average. After the short take the initiative to leave the warehouse, Shanghai aluminum shock upward, quickly break through the 5 / 20 EMA barrier. In the afternoon, long positions increased short positions left the Shanghai aluminum high level of 13885 yuan / ton, long short at the end of the day, concussion closed at 13865 yuan / ton. Positions fell 2254 hands to 198908 hands, while Shanghai Aluminum Index positions increased 3132 hands to 667612 hands. It is worth mentioning that Shanghai Aluminum 1909 contract position increased by 5582 to 200888 hands, is about to complete the main contract for the month. On the last trading day before delivery, the position of Shanghai Aluminum 1907 contract was reduced by 7070 hands to 11570 hands, with a settlement price of 13835 yuan per ton. Today, social aluminum ingot inventory is basically flat, only an increase of 1000 tons, at the same time, the center of gravity moved upward, Shanghai aluminum rebounded slightly. Weaker consumption still needs to be supported by inventory data, coupled with higher expectations of interest rate cuts in overseas currencies, leading to a recent shift in the centre of gravity of Shanghai aluminium. Fundamentals remain weak in both supply and demand, with a relatively safe gap between 13900 and 14000 above.

(Shanghai Nonferrous Network Yi Liang 021 20707892)