SMM, July 17 / PRNewswire-Asianet /-
Shanghai Aluminum main 1908 contract opened in the morning at 13880 yuan / ton. After the opening of the market, the bulls actively reduced their positions, and Shanghai Aluminum went down to the lower 5-day moving average, followed by short positions, Shanghai Aluminum rose slightly, and left the market in the afternoon. The low position reached 13830 yuan / ton, and closed at 13865 yuan / ton at the end of the day. Today, the main contract completed the month, Shanghai Aluminum 1908 contract position decreased by 9866 hands to 173190 hands, trading volume increased by 22432 to 50742 hands. Shanghai Aluminum 1908 contract position increased by 12646 hands to 224140 hands, trading volume increased by 26302 hands to 57138 hands. The Shanghai Aluminum Index increased its position by 4000 hands to 682218, mainly for short positions. Short-term fundamentals have not changed, on the one hand, the recent decline in alumina electricity prices brought costs down, and consumption weakened in the third quarter, on the other hand, for the end of the third quarter consumption is still optimistic. Short-term Shanghai aluminum is still dominated by interval concussion. Concerned about tomorrow's social aluminum ingot inventory growth, if the increase in Shanghai aluminum also has the possibility of a downward shift in the center of gravity.
(Shanghai Nonferrous Network Yi Liang 021 20707892)