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July 5 Shanghai aluminum morning review

 Last Update: 2022-12-06
 Source: Internet
 Author: User

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Overnight, the main force of Shanghai aluminum opened at 14030 yuan / ton, affected by rumors that the east hopes to reduce production, the bulls increased their positions strongly, and the main force of Shanghai aluminum fluctuated upward, and the high recorded a recent high resistance point of 14170 yuan / ton, closing at 14160 yuan / ton
.
The trading volume decreased by 76954 lots to 43008 lots, and the position increased by 4530 lots to 189978 lots
.
The 1709 contract increased its position by 4780 lots to 190136 lots, and the position exceeded the 1708 contract for the first time, and the position moved back significantly
.
Affected by the frequent news of Xinjiang's production cuts, the market has become more and more profitable, and the resistance level in the early stage of the upper test is expected to run 14050~14235 yuan / ton
within the 1708 contract.
Spot discount 160~120 yuan / ton
.

Shanghai aluminum

In terms of the market, on the same day, the spot price of A00# aluminum was 13870 yuan / ton, up 20 yuan / ton from the previous day, and the discount of 100 yuan / ton compared with the near-month contract, the smelter shipped normally, traders were actively shipping at high prices, Shanghai aluminum was downward, the spot was not adjusted in time, the discount narrowed slightly, the middleman had no room for operation, and the downstream enterprises were afraid of high procurement only according to just demand, and the overall transaction supply exceeded demand
.

On the whole, the increase in electrolytic aluminum production and high inventories have put pressure on aluminum prices, but the frequent environmental protection and capacity reduction policies have boosted market expectations
.
It is expected that the short-term shock of the main force of Shanghai aluminum is strong, focusing on the pressure level of 14200
.
FYI
.

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