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[SMM Aluminium Morning News] blocked at the top, Shanghai Aluminum rushes higher and falls back to dismal data from Europe and the United States to put pressure on Lun Aluminum.
May 20,2020 08:52CST
translation
Source:Www.smm.cn
Blocked Shanghai Aluminum shot up and fell back dismal data in Europe and the United States put pressure on Lun Aluminum.
The content below was translated by Tencent automatically for reference.

SMM, May 20:

The main 2007 contract of Shanghai Aluminum opened at 12770 yuan / ton overnight. After rising more than 12900 yuan / ton at night, it pulled back slightly, failed to hit 13000 yuan / ton in the morning, then broke the 12900 yuan / ton line, and closed slightly higher at 12850 yuan / ton, an increase of 0.71%. The trading volume was reduced to 131000 lots, and the position was reduced to 157000 hands. On the daily line, there is a certain resistance above, Shanghai aluminum is nearly strong and far weak, and the reverse structure continues. Terminal consumption performance is good, the supply of goods in market circulation is tight, continue to go to the warehouse to support aluminum prices, macro sentiment has also improved, today's main operating range is expected to be 12700Mel 13000 yuan / ton.

Aluminum opened overnight at $1500.0 / ton, fluctuated in a narrow range around the $1500 / ton mark in Asia, continued to fluctuate in the European market, with a slight pullback from the high, a low close to $1480 / ton, and closed at $1488.5 / ton in late trading, down 0.77%, with trading volume reduced to 11000 lots and positions reduced to 858000 hands. Poor economic data from Europe and the United States, the market back to the weak reality, the need for more determined consumption to support Lun aluminum prices, is expected to operate in today's range of 1470 Mel 1510 US dollars / ton.

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