[brief comment on SMM Aluminum] the decline in consumption support is not smooth in Shanghai aluminum repair part of the week decline

SMM, July 4 / PRNewswire-Asianet /-

Shanghai Aluminum main contract 1908 morning 13735 yuan / ton. After the opening of the market, the long actively increased the position, and the Shanghai aluminum shock operation low touched 13720 yuan / ton and quickly broke through the 5-day moving average, which led to the short position reduction driving the Shanghai aluminum to continue to shock higher, and always stood above the 5-day moving average. At the end of the day, the high level of Shanghai aluminum reached 13780 yuan / ton, closing at 13775 yuan / ton. The position of the main contract decreased by 2616 to 230384, while the position of Shanghai Aluminum Index increased by 7592 to 688438. Today, social aluminum ingot stocks fell by 23000 tons, a significant increase from Monday's drop of 10, 000 tons, and consumption is still supported by short profits and long bargain buying, which has repaired some of the week's decline in aluminum prices. Taking into account the current alumina, anode costs fell slightly, coupled with July-August aluminum consumption for the traditional off-season, Shanghai aluminum can still be high short.

(SMM Yi Liang 021 20707892)