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China Aluminum price has gone up to RMB15000 yuan today

2020-07-30

In June, the contracted sales index of existing housing in the United States was 12.7% year-on-year, with an expected 2.2% and a pre value of - 10.4%. LME copper inventory decreased by 2125 tons and aluminum inventory by 9400 tons. Overnight, the US Federal Reserve announced to maintain the current interest rate and asset purchase scale unchanged, the news was optimistic, the US dollar fell sharply, and non-ferrous metals rose across the board.

Overnight, Lun copper high volatility small, close to cross star, closed above the 5-day moving average, opened slightly higher today close to $6500. Shanghai copper night trading opened low and closed high, closing at 52010 above the 5-day average. Shanghai copper trading decreased and positions rose. Affected by macro factors, the market is biased to wait and see, and may continue to fluctuate above 51000 in the short term. The future market is alert to the U.S. epidemic situation and policy uncertainty. The pressure of Shanghai copper is 53520 above and 48000 below.

Overnight, Lun aluminum high shock small rise, today a small low opened at $1726. Shanghai aluminum opened high in the night, rose sharply, closed at 14655, driven by the strong external market, aluminum prices may continue to be high. Shanghai aluminum turnover decreased, position increased, market sentiment bias neutral. Follow up spot gradually into the off-season, pay close attention to the spot situation in the later stage, and the current price risk is high. The pressure of Shanghai aluminum is 14860 above and 13500 below.

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