SMM, July 17:

Yesterday, the main 2008 contract of Shanghai Aluminum opened at 14300 yuan / ton in the morning, and began to fall continuously after a slight adjustment, falling more than 200 yuan / ton in the afternoon. The decline remained unchanged in the afternoon, and the position reduction broke the 10,000 yuan / ton mark, finally closing at 13975 yuan / ton. The trading volume increased to 158000 hands, the position decreased to 129000 hands, and the daily line closed with entity Dayin, with a one-day decline of 500 yuan / ton, the largest one-day decline since April. The total position in the Shanghai Aluminum Index decreased to 400000 lots, and the turnover increased to 383000 lots. The main force of Shanghai Aluminum opened at 14000 yuan / ton in night trading, then rebounded to 14150 yuan / ton first-line shock, and closed at 14145 yuan / ton at the end of the day. After changing months, the spot tension slightly alleviated, macro funds profit withdrawal, inventory is still relatively low, spot to maintain high rising water, fundamentals still have support, the main operating range of Shanghai Aluminum is expected to be 14000 Mill 14400 yuan / ton.

Overnight aluminum opened at $1679.0 / tonne, rising slightly to an intraday high of $1682 / tonne in Asian trading and then falling to a low of $1656 / tonne. In European trading, it stabilized a little, rising and falling in the range of $1658, 672 / tonne. The US market rebounded slightly from its low, but still failed to stabilize the first line of 1670 US dollars / tonne. Trading volume increased to 13900 lots and position decreased to 818000 lots at the end of the day around $1668.5 / tonne. The operating range is expected to be $1650 / ton today.

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