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[SMM Aluminium Morning News] the main monthly exchange rate of Shanghai Aluminum steadily rose and the weakening US dollar pushed Lun Aluminum higher.
Jul 28,2020 08:58CST
translation
Source:SMM
The main change of the month, Shanghai Aluminum steadily rose, the US dollar weakened, and Lun Aluminum rose.
The content below was translated by Tencent automatically for reference.

SMM, July 28th:

Yesterday, Shanghai Aluminum's main 2008 contract opened low at 14365 yuan / ton in the morning, opening up to cover the gap, and then shock continued to rise, the afternoon high to 14515 yuan / ton near; afternoon price fell slightly from 14510 yuan / ton to 14440 yuan / ton, closing at 14440 yuan / ton, trading volume reduced to 65000 hands, position reduced to 99000 hands, daily close cross star. The total position of Shanghai Aluminum Futures was 377000 lots, and the trading volume was reduced to 179000 lots. Yesterday night, the main force of Shanghai Aluminum changed to 2009 contracts, which opened as low as 14175 yuan / ton, then fluctuated steadily upward, rising more than 100 yuan to 14285 yuan / ton, after 23:00 in 14250-14290 yuan / ton, closing at 14270 yuan / ton. The impact of epidemic and political factors at home and abroad is uncertain, fundamental inventories are still relatively low, spot stocks are rising, and the futures structure has not changed. It is expected that today's Shanghai Aluminum 2009 contract operating range of 14100-14500 yuan / ton.

Yesterday, Lun Aluminum opened at 1696.5 US dollars / ton, stood at 1700 US dollars / ton in Asian trading, fluctuated in the range of 1696-1706 US dollars / ton; after rising to 1707 US dollars / ton in European trading, it fell back to a low of 1698 US dollars / tonne, still fluctuating around 1700 US dollars / ton; the US market volatility strengthened at the beginning of the US market, with a high climbing to 1710 US dollars / ton. Late trading volatility slowed to close at $1710.0 / ton, trading volume decreased to 7600 lots, positions reduced to 798000 lots, the daily close of physical Xiaoyang, the dollar continued to weaken to boost base metals. Today's operating range is expected to be between US $1690 and US $1730 per ton.

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