[brief comment on SMM Aluminum] the fundamentals of consumption in off-season are stable and Shanghai Aluminum maintains a weak shock.

SMM July 9 News:

Shanghai Aluminum main contract 1908 contract opened in the morning at 13785 yuan / ton. After the opening of the market empty into Duping Shanghai aluminum fell pierced below the 5-day moving average below 13720 yuan / ton. After that, the low position led to multiple entry, and the Shanghai aluminum shock rose to the 5-day moving average. In the afternoon, bulls increased their positions in Shanghai aluminum repair part of the day decline, the end of the day closed at 13745 yuan / ton. The main 1908 contract position of Shanghai Aluminum increased by 1864 to 208886, the Shanghai Aluminum 1909 contract increased by 1188 to 191180, and the Shanghai Aluminum Index reduced its position by 1536 to 679476. Domestic electrolytic aluminum continues to maintain both supply and demand is weak, the cost of electricity and alumina have room to fall, Shanghai aluminum remains weak shock.

(SMM Yi Liang 021 20707892)