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[SMM Aluminium Morning News] Shanghai Aluminium increases its warehousing by a small margin and Lun Aluminium continues to fluctuate in the interval.
May 8,2020 08:59CST
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, 8 May:

Yesterday, the Shanghai aluminum main force 2006 contract opened at 12730 yuan / ton, briefly rose slightly and began to make a U-turn. In the afternoon, it fell to 12600 yuan / ton. In late trading, it fell slightly to 12620 yuan / ton, down 0.94%. Trading volume was reduced to 79000 hands, and position volume was reduced to 102000 hands. Aluminum export data fell in April from a month earlier, spot trading slightly weaker, but in the short term fundamentals are still supported, warehouse receipts fell 14000 tons to 189000 tons; the daily line closed a small negative, basically flattening the previous day's gains. The monthly difference of the contract in recent months has fluctuated widely around 150 yuan / ton, and the main force has moved to the 2007 contract, which is expected to run in the range of 12300-12600 yuan / ton today.

Overnight aluminum opened at $1480.5 / ton, the Asian session interval shock, the European session slightly rose to $1494 / ton, the U. S. session first suppressed and then rose, the end of the session closed at $1492.0 / ton, down 0.64%, trading volume of 13000 hands, position volume of 817000 hands. The trading volume of positions in China has not changed much within the day. China's aluminum import window has opened, and some funds have entered the market. Overseas hopes are placed on the economic recovery after the epidemic, but the macro uncertainty is greater. In the short term, Lun aluminum will continue to bear pressure of US $1500 / ton. The Bank of England will be closed on Friday (May 8).

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