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[SMM Aluminum Morning News] strong internal and external weak trend differentiation Shanghai aluminum continues its pre-festival rally
May 7,2020 08:58CST
translation
Source:Www.smm.cn
Internal strong external weak trend differentiation Shanghai Aluminum continues to rise before the Festival
The content below was translated by Tencent automatically for reference.

SMM, May 7:

Yesterday, the Shanghai aluminum main force 2006 contract opened slightly lower at 12595 yuan / ton, shorting and increasing, the price all the way up to 12760 yuan / ton intraday high, then in 12700 yuan / ton weak consolidation, the end of the day slightly rose to 12740 yuan / ton, up 0.63%, trading volume to 87000 hands, position reduced to 104000 hands, night trading has resumed. Spot also continued the pre-festival strength, the national aluminum ingot inventory fell to 1.172 million tons compared with the pre-festival drop of 32000 tons, holiday arrival is limited; Shanghai aluminum back above the 60-day moving average, the upward trend does not change. In addition, the monthly difference of the 05 contract fluctuates greatly within the day, and the structure of near strength and far weakness will continue before the delivery and exchange month. It is expected that the main force of Shanghai Aluminum will run in the range of 12600-12900 yuan / ton today.

Overnight aluminum opened at $1488 / ton, the Asian session first rose and then fell, the impact of $1500 / ton first-line fruitless, the European session turned down and weak consolidation, the United States session in the vicinity of $1480 / ton narrow shock, the end of the session fell slightly to $1482.5 / ton, down 50%, trading volume to 13000 hands, position volume to 817000 hands. Us employment is at a record low and the government is looking for new stimulus measures, although short-term demand concerns have dampened the rise of Nellen Aluminium, which is expected to run between $1470,1500 and $1500 a tonne today.

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