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[SMM Aluminum Morning News] Shanghai Aluminum small rise range repeatedly Lun Aluminum continues to weak adjustment
May 14,2020 09:05CST
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Shanghai aluminum small rise range repeatedly Lun aluminum continues to weak adjustment
The content below was translated by Tencent automatically for reference.

SMM, 14 May:

Overnight Shanghai aluminum main force 2007 contract opened at 12420 yuan / ton, night position down weak adjustment, broke 12300 yuan / ton in the morning began to rebound, continuous reduction rose to 12500 yuan / ton, the end of the day slightly rose to 12495 yuan / ton, up 0.64%, trading volume to 119000 hands, position volume to 149000 hands. Japanese line Xiaoyang, after the festival so far Shanghai aluminum main force to maintain the interval shock situation, has always failed to stand firm 60-day moving average. Delivery is approaching, spot closer to futures, intraday May / June difference narrowed to 150 yuan / ton, the main operating range is expected to be 12300-12600 yuan / ton.

Overnight aluminum opened at $1478.5 / ton, Asia session narrow range shock, under pressure at $1480 / ton, European session first fell and then rose, once hit a low of $1470 / ton, the United States session first rebounded higher, but the end of the session vomited back up and fell to $1476.0 / ton, down 0.24%, trading volume 10000 hands, position volume to 841000 hands. The overseas epidemic problem has not been resolved, the economic outlook is highly uncertain, and fears of falling demand continue to put pressure on aluminum prices, which are expected to run between $1460 and $1500 a tonne.

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