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Shanghai aluminum continues to show horizontal consolidation
Shanghai Aluminum continued its horizontal consolidation yesterday. Among them, the main contract, AL507, opened higher at 16710. Under the pressure of selling, the aluminum price continued to drop, dropping to 16630 on a lower level and ending at 16660, which was a drop of 20 yuan from last Friday. 900 lots were traded throughout the day, a decrease of 2420 lots from last Friday; the number of open positions was 12,254 lots, an increase of 186 lots from last Friday. The domestic spot market fell slightly today. Among them, the spot market of Huatong fell by 75 yuan compared with the previous trading day and currently stabilized at 16765 yuan/ton; the spot market of the Yangtze River fell by 40 yuan compared with the previous trading day and remained stable at 16,790 yuan/ton; the Guangdong spot market was 16,780 yuan/ Ton, unchanged from the previous trading day. The weakening of the spot market further extended the time of the recent Shanghai aluminum sideways. There are market rumors that China will allow more aluminum smelters to import alumina, and the increase in supply will suppress aluminum prices. Operational recommendations: rebound to lighten up.