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[SMM Aluminium Morning News] the rising trend of Shanghai Aluminum under pressure in recent months continues to test the former high of Lun Aluminum.
May 22,2020 08:59CST
translation
Source:Www.smm.cn
The rising trend of Shanghai Aluminum under pressure in recent months continues to test the former high of Lun Aluminum.
The content below was translated by Tencent automatically for reference.

SMM, May 22:

The main 2007 contract of Shanghai Aluminum opened at 12860 yuan / ton overnight, rose slightly and stood at 12900 yuan / ton at night, and the rise continued in the morning. It broke through 13000 yuan / ton at one point in intraday trading, but fell sharply in the afternoon. It fell below 12700 yuan / ton in the afternoon, but part of the down payment fell in late trading. The intraday closing fell to 12775 yuan / ton, down 0.78%, the trading volume was reduced to 162000 lots, and the position was reduced to 157000 lots. The daily line receives the middle yin, the upper and lower shadow lines are quite equal, and more space continues to wrestle. Spot rising water due to imports of aluminum ingots and some hoarders of the impact of dumping, near strong and far weak situation alleviated, the monthly gap narrowed slightly, the main operating range is expected to be 12700mur13100 yuan / ton.

Aluminum opened overnight at $1513.0 / ton, adjusted around $1510 / ton in Asian trading, fluctuated in the European market, but did not rise much. After rising steadily in the United States, it broke through $1520 / ton and closed at $1521.0 / ton in late trading, an increase of 0.40%. The trading volume was 14000 lots, and the position was reduced to 853000 lots. Demand rebounds and economic recovery is expected to improve, and overseas aluminum ingots have some capital inside and outside the market. Lunal is expected to test the upper edge of the concussion range again, which is expected to run at 1490Mel 1530 US dollars / ton today.

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