[SMM Aluminium Morning News] Shanghai Aluminium Xiaoyang six consecutive rising Aluminium Breakthrough and New High

Published: Jul 24, 2020 08:52

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Shanghai Aluminium Xiaoyang six consecutive rising Aluminium Breakthrough and New High

SMM, July 24th:

Yesterday, the main contract of Shanghai Aluminum opened at 14375 yuan / ton in the morning, rising 100 yuan to 14480 yuan / ton at the start of trading, then spitting back all the gains and falling back to below 14400 yuan / ton. In the afternoon, the market revolved around a narrow band of 14400 yuan / ton, closing at 14395 yuan / ton at the end of the day. The trading volume was reduced to 73000 hands, the position was reduced to 110000 hands, and the daily line closed at Xiaoyang. The total position in Shanghai Aluminum Futures decreased to 379000 lots, and the trading volume decreased to 199000 lots. Last night, the main force of Shanghai Aluminum opened as low as 14415 yuan / ton, opened high to 14485 yuan / ton, then fell around 14430 yuan / ton, pulled up again after 22:00 and stood firm at the front line of 14500 US dollars / ton, and closed at 14500 yuan / ton at the end of the day. Inventory did not accumulate on Thursday, spot rising water fell slightly, the main force has not yet completed the shift, Shanghai Aluminum rose six consecutive, the futures price is relatively strong. It is estimated that the main operating range of Shanghai Aluminum today is 14400, 14800 yuan / ton.

Overnight aluminum opened at 1689.0 US dollars / ton, weak consolidation in the Asian session, as low as 1682.5 US dollars / ton, above the pressure at 1690 US dollars / tonne; European trading rose rapidly at the beginning of the European session, did not stand firm after breaking the 1700 US dollars / ton mark, and then fell back to around 1690 US dollars / tonne; the US market regained its upward trend, peaking at 1707 US dollars / ton, refreshing its high since mid-March and standing firmly at the integer level. In late trading, it fell slightly and closed at US $1707.5 / tonne, with trading volume reduced to 11300 lots and positions increased to 801000 lots. The decline in the US dollar led to a general rise in non-ferrous metals. Today's operating range is expected to be $1,680,720 per ton.

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