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[SMM Aluminium Morning News] Shanghai Aluminum Co., Ltd. has resumed its declining position and worries about the pressure on aluminum.
May 13,2020 08:59CST
translation
Source:Www.smm.cn
Shanghai Aluminum Co., Ltd. is increasing its position and picking up the downward trend. Demand worries are putting pressure on Lun Aluminum.
The content below was translated by Tencent automatically for reference.

SMM, 13 May:

Overnight Shanghai aluminum main force 2007 contract opened at 12530 yuan / ton, night upward attempt to break through 12600 yuan / ton first-line fruitless, encountered in the morning to maintain the selling pressure, short positions during the continuous decline, intraday low hit 12400 yuan / ton, the end of the day closed down at 12415 yuan / ton, down 0.96%, trading volume to 84000 hands, position volume to 148000 hands. Day line in the shade, down test last week low, Shanghai aluminum in the 60-day moving average near the interval shock, uplink resistance is greater. Delivery is approaching, spot rising water fell, expected to return, intraday May / June difference up to 300 yuan / ton, today's main operating range is expected to be 12300 Mel 12600 yuan / ton.

Overnight aluminum opened at $1496.0 / ton, Asia session opened high and low, failed to break through $1500 / ton, European session continued to decline, the center of gravity fell to around $1480 / ton, the United States session in the US session below $1480 / ton weak consolidation, the end of the session closed at $1479.5 / ton, down 1.14%, trading volume reduced to 10000 hands, position volume to 830000 hands. Although industrial activity is recovering and the market's concerns about the demand side have not completely dissipated, a clearer signal is needed to rebound and rise, which is expected to run in the range of US $1,470,500 per tonne.

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