[brief comment on SMM Aluminum] the inventory of social aluminum ingots has not increased and Shanghai Aluminum has maintained a slight shock.

SMM July 18 News:

The main force of Shanghai Aluminum was changed to 1909 contract, which opened at 13840 yuan / ton in the morning. After the opening of the market, the long position left the Shanghai aluminum low touched 13835 yuan / ton, briefly ran near the 10-day moving average before noon, and then entered the market, Shanghai aluminum concussion pierced the 5-day moving average and hit the upper 40 average in the afternoon, touching 13875 yuan / ton. At the end of the day, the high level led to the entry of short positions, and Shanghai Aluminum fell back to 13870 yuan per ton. Position increased by 4818 hands to 232182 hands. Short-term Shanghai aluminum fundamentals are still affected by weaker consumption, cost downward impact on the empty, at the same time, as today's social aluminum ingot inventory is flat and did not continue to rise, consumption improvement at the end of the third quarter is expected to make Shanghai aluminum continue to maintain range volatility.

(SMM Yi Liang 021 20707892)