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[SMM Aluminium Morning News] Shanghai Aluminium's position reduction has dropped somewhat, and Lun Aluminum continues to be under pressure before it is high.
Jul 8,2020 09:01CST
translation
Source:SMM
Shanghai aluminum reduced its position somewhat and Lun aluminum continued to bear the pressure before it was high.
The content below was translated by Tencent automatically for reference.

SMM, July 8:

Yesterday, the main 2008 contract of Shanghai Aluminum opened at 14175 yuan / ton in the morning, then reduced its position rapidly, and continued to fall after a slight adjustment of 14100 yuan / ton; it fell first and then rose in the afternoon, and the intraday low touched the 10,000 round mark, and rebounded slightly in late trading. the final closing fell at 14060 yuan / ton, the trading volume increased to 112000 hands, the position decreased slightly to 164000 hands, and the daily line closed at Xiaoyin, and the price fell from the high. The total position in Shanghai Aluminum Futures decreased to 429000 lots, the trading volume increased to 206000 lots, and some bulls left the market at a profit. The main force of Shanghai Aluminum opened slightly lower at 14045 yuan / ton in night trading, broke 10,000 yuan at the opening, and fell to 13945 yuan / ton. After that, it rebounded slightly to close at 13995 yuan / ton. Spot market performance is poor, the basis fell sharply, aluminum ingot inventory in some areas began to accumulate, pay attention to the lower 10-day moving average support, the main operating range of Shanghai aluminum is expected to be 13900Mel 14200 yuan / ton.

Overnight aluminum opened at $1634.5 / ton, weakly adjusted in the Asian session, the price fell slightly to around $1629 / ton, fell first and then rose in the European session, rebounded slightly from the low of $1625 / ton, and fell back in the US market, with an intraday high of $1639.0 / ton, failing to break through the previous high. At the end of the day, it closed flat at around US $1635.0 / ton, the trading volume remained at 10000 lots, the position decreased to about 816000 lots, and the Shadow Cross Star was closed on the daily line. Lunal is still under pressure. It is estimated that today's operating range is 1620 MFY 1660 yuan / ton.

 

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