SMM, July 15:
Yesterday, Shanghai Aluminum's main 2008 contract opened slightly lower at 14700 yuan / ton in the morning, fell more than 200 points at the beginning of trading, and rebounded after stabilizing around 14500 yuan / ton; it fell again in the afternoon from 14600 yuan / ton, intraday low to 14460 yuan / ton, and finally closed at 14485 yuan / ton, the trading volume was reduced to 156000 hands, the position was reduced to 142000 hands, and the daily line entity Zhongyin erased most of the previous day's increase. The total position in Shanghai Aluminum Futures was reduced to 415000 lots, and the transaction volume was reduced to 317000 lots. The main force of Shanghai Aluminum opened slightly higher at 14520 yuan / ton in night trading, then fell nearly 100 yuan / ton to 14430 yuan / ton, most of the time a narrow range of shocks, closing at 14450 yuan / ton at the end of the day. Strong macro-bullish sentiment, weak demand has not yet been fully reflected in inventory, fundamentals support aluminum prices, the main operating range of Shanghai aluminum is expected to be 14300 Mel 14700 yuan / ton.
Overnight Lun aluminum opened at $1688.5 / ton, with a slightly weaker trend in the Asian session, with a wide concussion in the range of $1676, 692 / tonne. In European trading, it continued to decline, with an intraday low around $1672 / tonne and returned to above $1680 / tonne after a slight adjustment. The US market rallied and fell back, but did not break through the $1690 / tonne mark. It closed at around US $1682.5 / ton in late trading, with trading volume reduced to 13200 lots and positions reduced to 828000 lots, with volume and price shrinking slightly. The operating range is expected to be US $1,670 per ton today.
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