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[SMM Aluminium Morning News] go to the library to continue Shanghai Aluminium steadily upstream and break through Lun Aluminum to reach a two-month high.
May 29,2020 09:04CST
translation
Source:Www.smm.cn
Go to the library to continue Shanghai Aluminium steadily upstream Lun Aluminum Breakthrough to reach a two-month high
The content below was translated by Tencent automatically for reference.

SMM, May 29th:

Overnight, Shanghai Aluminum's main 2007 contract opened slightly higher at 13075 yuan / ton, made up the gap at night, rose slightly to 13100 yuan / ton at the opening of trading in the morning, and then fluctuated around the range of 13150 yuan / ton, closing at 13155 yuan / ton in the day, an increase of 1.08%. The trading volume decreased to 117000 lots, and the position increased to 160000 hands. Day line five Lianyang, the main increase positions pull up, inventory continues to drop the spot end is relatively strong, the current pressure on imported aluminum ingots is not obvious. Capacity input leads to long-term supply increment, demand persistence brings consumption uncertainty, negative factors are accumulating, and the macro environment is relatively optimistic. Shanghai Aluminum is still highly volatile in the short term, and the main operating range is expected to be 13000 million yuan / ton today.

Overnight aluminum opened at US $1528.0 / ton, fluctuated in a narrow range of US $1530 / ton in Asian trading, fell first and then rose in European trading, and did not adjust much. In US trading, it rose again and broke through the shock range since the beginning of April. At one point, it stood at US $1540 / ton in intraday trading, which closed at US $1538.0 / ton, up 0.56%. The trading volume decreased to 12000 lots, and the position increased to 862000 lots. The overall strength of basic metals, economic recovery is expected to be optimistic, but the changing political situation and excessive supply have a certain pressure on Lun aluminum, which is expected to run at 1520 Mel 1560 yuan / ton today.

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