SMM, July 3:

The main 2008 contract of Shanghai Aluminum opened at 14000 yuan / ton in the morning, and the bulls strongly entered the market to lift the aluminum price to a high of 14035 yuan / ton in the afternoon, and then some bulls made a profit and left the market, and the aluminum price showed a downward trend. At about 10:55 in the afternoon, bears entered more than 200 hands, aluminum prices gave up the opening increase fell to an intraday low of 13955 yuan / ton, and then some bears made profits, bulls regained the initiative of the market, and Shanghai aluminum prices reversed the downward trend. The bulls continued to enter the market in the afternoon, and aluminum prices rose strongly. 30 minutes before the close, with some bears expelling from the market, Shanghai aluminum prices reached an intra-day high of 14075 yuan / ton, while the latter bulls made a profit, and aluminum prices closed at 14055 yuan / ton in a day. The daily position increased by 2317 to 168189, while the Shanghai Aluminum Index decreased its position by 675 to 439871. Electrolytic aluminum inventory continues to decline, near the weekend, electrolytic aluminum shipments are slightly better than the previous two days, the tight supply situation slightly alleviated, some bulls regained confidence, but the overall cautious mood is still there. It is expected that the night is still dominated by strong shocks, and the uplink space is relatively limited.

(SMM Li Hao 021Mui 5166 6863)