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[SMM Aluminium Morning News] the volume and price of Shanghai Aluminum is still strong. Under the macro stimulus, Lun Aluminum closed at Dayang.
Jul 22,2020 08:53CST
translation
Source:SMM
The volume and price of Shanghai aluminum is still on the strong side. Under the macro stimulus, Lun aluminum closed at Dayang.
The content below was translated by Tencent automatically for reference.

SMM, July 22nd:

Yesterday, the main contract of Shanghai Aluminum opened at 14250 yuan / ton in the morning, and fell back after opening at 14285 yuan / ton, falling to a low of 14185 yuan / ton in a row, with a narrow adjustment after a slight rebound; the afternoon market fluctuated slightly, fluctuating within the range of 14215 million yuan / ton, and finally closed at 14245 yuan / ton, with trading volume reduced to 72000 hands, position reduced to 117000 hands, and daily close of small crosses. The total position in Shanghai Aluminum Futures increased to 399000 lots, while the trading volume decreased to 165000 lots. Last night, the main force of Shanghai Aluminum opened high at 14360 yuan / ton, opened to cover the gap downward, then rushed up to a high of 14440 yuan / ton, then adjusted narrowly below 14000 yuan / ton, and closed at 14395 yuan / ton at the end of the day. The fundamentals have not changed much, the spot rising water has dropped somewhat, and the macro aspect of overseas promotion of the new economic stimulus plan has a certain positive effect on aluminum prices. It is estimated that the main operating range of Shanghai Aluminum today is 14200 RMB14600 / ton.

Overnight Lun aluminum opened at $1665.0 / ton, fluctuating within a narrow range of $1665 / ton during the Asian session, with little fluctuation; during the European session, the price broke through and rose continuously, with prices approaching $1690 / ton from $1670 / ton, an increase of nearly $20; the rise in the US market remained unchanged and slowed slightly, with the intraday high to $1702.0 / ton, and there was still pressure at the integer level. In late trading, it fell slightly and closed at US $1669.5 / tonne, with trading volume increasing to 12200 lots and positions reduced to 803000 lots, Dayang, the Japanese entity. The economic recovery plan of the European Union and the new stimulus package of the United States have had a significant effect on the bullish side, with Lunal recovering all of its losses last week. The operating range is expected to be US $1,680 per ton today.

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