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[SMM Aluminium Morning News] the rising trend of Shanghai Aluminium continues to drop slightly under pressure.
Jul 23,2020 09:11CST
The rising trend of Shanghai Aluminum continues to fall slightly under pressure.
The content below was translated by Tencent automatically for reference.

SMM, July 23:

Yesterday, Shanghai aluminum main contract opened at 14400 yuan / ton in the morning, opened at 14435 yuan / ton, then fell back to a low of 14350 yuan / ton, and then reduced positions rebounded near 14450 yuan / ton; afternoon trading fluctuated in a narrow range, fluctuating in the range of 14400 Mustang 14450 yuan / ton, closing slightly at 14390 yuan / ton, trading volume was reduced to 79000 hands, position was reduced to 113000 hands, and the daily line closed with small crosses. The total position in Shanghai Aluminum Futures decreased to 387000 lots, and the trading volume increased to 206000 lots. Last night, the main share of Shanghai Aluminum opened low at 14305 yuan / ton, fell to 14260 yuan / ton at the opening low, then fluctuated at 14300 yuan / ton, began to climb after 23:00, and closed at 14385 yuan / ton at the end of the day. The accumulation rate of inventory is slow, the spot is still rising, and the domestic demand has performed well under the policy stimulus. It is estimated that the main operating range of Shanghai Aluminum today is 14200 RMB14600 / ton.

Aluminum opened overnight at US $1699.0 / ton and was under pressure at the key integer level during the Asian session, fluctuating in the range of US $1,603 / tonne during the Asian session. Due to the tension between China and the US, prices plunged by more than 1% in a short period of time, falling as low as US $1675 / ton, and then rebounded and recovered some of the decline. The US market returned to volatility, rising and falling alternately, reaching a high of US $1695 / ton. In late trading, it fell slightly and closed at US $1689.5 / tonne, with trading volume increased to 36900 lots, positions reduced to 800000 lots, and Shadow closed on the daily line. The operating range is expected to be US $1,670 per ton today.

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