[SMM Aluminium Morning News] Shanghai Aluminum stabilizes the fluctuation of Xinglun Aluminum Integer Gate

Published: Jul 27, 2020 08:27

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Shanghai Aluminum stabilizes the fluctuation of Xinglun Aluminum Integer Gate

SMM, July 27th:

Last Friday, the main contract of Shanghai Aluminum opened at 14495 yuan / ton in the morning and fell continuously to around 14400 yuan / ton at the beginning of trading, then stabilized and fluctuated in a narrow range; the decline remained unchanged in the afternoon, the intraday low fell to 14305 yuan / ton, and then the V-shaped rebound returned to above 14400 yuan / tonne, closing at 14405 yuan / ton at the end of the day, trading volume increased to 85000 hands, position reduced to 104000 hands, daily close of crosses. The total position in Shanghai Aluminum Futures decreased to 377000 lots, and the trading volume increased to 223000 lots. Last Friday night trading Shanghai Aluminum opened at 14420 yuan / ton, opened concussively and rose to a high of 14460 yuan / ton, then fell back to below 14400 yuan / ton, and closed at 14415 yuan / ton at the end of the day. Domestic fundamental demand is good, inventory is still relatively low, and the bullish effect of spot rising water on futures still exists. It is estimated that the main operating range of Shanghai Aluminum today is 14300-14700 yuan / ton.

Last Friday, Lun Aluminum opened at 1706.0 US dollars / ton, opening low to 1688.0 U.S. dollars / ton in Asian trading, down nearly 20 U.S. dollars, and rebounding slightly before the close in China. In European trading, it first rose and then fell, with a pressure of 1700 U.S. dollars / ton at the top. It fell to an intraday low of 1685.5 US dollars / ton. During the US session, the US market quickly stopped falling and rebounded. At one point, the high erased all the losses during the day, but then it fell again and vomited some of its gains. In late trading, it fell slightly and closed at 1697.0 US dollars / ton, with trading volume increasing to 13100 lots and positions of 801000 hands. The Japanese line closed in shadows, and the weak US dollar boosted base metals, but the political situation in China and the United States dragged down metal prices. Today's operating range is expected to be between US $1680 and US $1720 per ton.

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