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[SMM Aluminum Morning News] Shanghai Aluminum closed higher and smoothed out the previous day's decline. Aluminum stabilized and rebounded slightly.
May 12,2020 08:52CST
translation
Source:Www.smm.cn
Shanghai aluminum closed higher and smoothed out the previous day's decline. Lun aluminum stabilized and rebounded slightly.
The content below was translated by Tencent automatically for reference.

SMM, 12 May:

Overnight, the Shanghai aluminum main force 2007 contract opened slightly at 12420 yuan / ton, with limited fluctuation at night, with futures prices fluctuating at 12450 yuan / ton, breaking through to 12550 yuan / ton in the morning, continuing to operate in the afternoon, closing up at 12535 yuan / ton in late trading, up 0.84%, trading volume decreased to 83000 hands, and position volume increased or decreased by 142000 hands. Day line Xiaoyang, erased all the decline the day before, Shanghai aluminum once again tried to stand firm 60-day moving average, the upward trend has not reversed; national aluminum ingot inventory fell to 1.1 million tons, the fundamentals of supply and demand are still strong. Spot led to rise in recent months, intraday May / June gap widened to more than 230 yuan / ton, the main operating range is expected to move up to 12500-12800 yuan / ton.

Overnight aluminum opened at $1487.5 / ton, opened low and walked high in the Asian session, and fell back after the failure of the impact of $1500 / tonne. The European session continued to bear pressure on the upper integer level. In the US session, the center of gravity moved slightly up but still failed to stand on the front line of $1500 / tonne. At the end of the session, it closed at $1496.5 / tonne, up 0.30%. Trading volume decreased to 12000 hands, to 824000 hands. Lun aluminum in the support level has been adjusted for several days, there is upward rebound momentum in the short term; in addition, the Chinese economic data improved, the market is expected to increase demand, Lun aluminum operating range is expected to move up to 14801510 US dollars / ton.

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