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[SMM Aluminium Morning News] Shanghai Aluminum has stopped falling and reduced its positions and rebounded in Lun Aluminum Lianyin to continue its pullback.
Jul 20,2020 08:57CST
translation
Source:SMM
Shanghai Aluminum stopped falling and reduced positions rebounded and Lun Aluminum Lianyin continued to pull back.
The content below was translated by Tencent automatically for reference.

SMM, July 20:

Last Friday, the main contract of Shanghai Aluminum opened at 14145 yuan / ton in the morning, and broke 14100 yuan / ton at the beginning of trading, with a low level of 14015 yuan / ton, followed by a V-shaped rebound to wipe out all the losses in the morning; it fluctuated in a narrow range in the afternoon, with a concussion range of 14,090 million yuan / ton, closing at 14155 yuan / ton, trading volume reduced to 112000 hands, position reduced to 123000 hands, and the daily line entity Zhongyang, recovering some of the decline last Thursday. The total position in the Shanghai Aluminum Index decreased to 396000 lots, while the trading volume decreased to 259000 lots. Last Friday night trading Shanghai Aluminum opened at 14120 yuan / ton, opened with a volume of 14200 yuan / ton, and then continued to shock upward, as high as 14320 yuan / ton, and closed slightly at 14265 yuan / ton at the end of the day. Electrolytic aluminum has increased compared with the same month, but the spot inventory is still low, the fundamental support is solid and the macro mood has eased somewhat. Today, the main operating range of Shanghai Aluminum is expected to be 14000, 14400 yuan / ton.

Last Friday, Lun Aluminum opened at $1669.0 / tonne, falling continuously and falling below $1660 / tonne in Asian trading, with a weak trend adjustment; the European session dipped again, with the intraday low to $1652 / tonne; in the US session, it rebounded and the upward trend was only around $1665 / tonne; in late trading, trading volume closed around $1663.0 / tonne, with trading volume reduced to 8600 hands and positions reduced to 814000 hands, with the daily line shadowed by Xiaoyin. The operating range is expected to be $1650 / ton today.

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