SMM, July 10:
Yesterday, the main 2008 contract of Shanghai Aluminum opened at 14165 yuan / ton in the morning, made a slight adjustment in the range of 14130mur14230 yuan / ton and broke through the upstream; it rose in the afternoon, fluctuating in the range of 14240muri 14320 yuan / ton, and finally closed at 14290 yuan / ton, the trading volume was reduced to 114000 hands, the position was reduced to 162000 hands, the daily line closed at entity Xiaoyang, and the center of gravity continued to move up. Shanghai aluminum futures held a total of 429000 lots, and the trading volume was reduced to 227000 lots. The main force of Shanghai Aluminum opened slightly higher at 14295 yuan / ton in night trading, then fell back after opening to 14330 yuan / ton, adjusted at 14230 yuan / ton, pulled up slightly and closed at 14255 yuan / ton at the end of the day. At present, the smelting end has considerable profits, but the price of raw materials has an upward trend, while low social inventory and tight cash in circulation support aluminum prices. It is expected that the main operating range of Shanghai aluminum will be 14,100Mel 14400 yuan / ton today.
Aluminum opened overnight at $1666.0 / ton, rising steadily in the Asian session, breaking the two levels of 1670 and 1680; in the European session, it first fell and then rose, with an intraday high of $1695.5 / ton, shaking back after hitting the $1700 / ton round mark without success, but still standing at the $1680 / ton line; the US market was dragged down by the fall in crude oil and continued to decline after wiping out its intraday gains. At the end of the day, it closed at around US $1649.0 / ton, with a trading volume of 19000 lots and a position of about 819000 lots, with the daily line increasing the shadow line. It is expected that today's operating range is 1640 Mel 1680 yuan / ton.
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