July 3 aluminum market morning review

Overnight, the price of aluminum fluctuated repeatedly, and the three-month aluminum price on the London Stock Exchange slightly increased by 0.
05% to 1624 US dollars / ton
.
Shanghai aluminum closed higher in overnight trading, with the main 2008 contract closing at 13980 yuan / ton
.

In the morning, the overall transaction of the spot market was not good, middlemen and traders were afraid of heights, and the downstream only purchased
on demand.
The mainstream trading price in Shanghai is around 14380 yuan / ton, which is about 140 higher than the futures
.
The mainstream transaction price in Guangdong is around 14450 yuan / ton
.
With the decline in consumption and the rise in supply, the pace of destocking in the domestic primary aluminum market has slowed down, but the current optimism, coupled with low futures inventories and high spot premiums, has curbed the short-selling force
.
Short-term aluminum prices may maintain a volatile trend, and it is recommended to focus on intertemporal arbitrage in operation, and short opportunities
after inventory stabilizes and rises.

As of the close of 3 p.
m.
, the main 2008 contract of Shanghai aluminum closed up at 13965, up 30, or 0.
22%; After a series of rises, the market fear of heights gradually appeared, and the fundamentals did not support the continuation of aluminum prices to rise, coupled with the gradual narrowing of spot premiums, in the short term aluminum prices or a slight correction, but in the low inventory and macro support of the overall or will continue to run at a high level, Shanghai aluminum main force above continue to pay attention to 14,000 pressure level, the operation is recommended to wait and see, it is expected that tomorrow's spot aluminum fluctuations are not large, up and down range of about
50 yuan.