SMM, May 18:
Overnight, the main 2007 contract of Shanghai Aluminum opened slightly lower at 12485 yuan / ton, and the night trading steadily climbed above 12500 yuan / ton. The morning rise continued, the center of gravity moved up to around 12600 yuan / ton in the afternoon, and closed at 12600 yuan / ton, an increase of 0.56%. The trading volume increased to 92000 lots, and the position increased to 154000 lots. The daily line closed at Xiaoyang and continued to fluctuate around the 60-day moving average. Shanghai aluminum 05 contract expires delivery, Shanghai aluminum futures are nearly strong and far weak to maintain, the monthly difference of 06max 07 contract continues to expand, the spot side rising water situation does not change, the main operating range is expected to be 12400 million 12800 yuan / ton.
Overnight aluminum opened at $1476.0 / ton, briefly rose in the Asian session, slightly consolidated above $1480 / ton, continued to decline during the European session, and the center of gravity fell to around $1470 / tonne. After a slight adjustment, the US market closed at $1460.0 / ton, down 1.08%, the trading volume decreased to 10000 lots, and the position increased to 864000 lots. Poor economic data on employment, retail and industry in Europe and the United States have raised market concerns that demand-side weakness will continue, with Lun Aluminum approaching its previous low, with an expected operating range of $1450 / ton today.
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