Shanghai Jinpeng Shanghai Aluminum Market Review (May 25)

Overnight aluminum was trapped in the interval trading. Under the support of the continuous decline of aluminum stocks, aluminum prices hit 1,750 US dollars. However, under the influence of the overall high level of the basic metal market, aluminum prices did not stand above US$1,750. Aluminium's open interest has continued to fall. The current inventory volume has dropped by 4,037 hands to 377,353 lots. From the perspective of holding positions, the probability of a decline in positions is already small. The downside momentum in the market has been depleted, but the holdings have sharply decreased. The large withdrawal of funds did not bring positive effect to the aluminum market. It is difficult to gather bullish sentiment in the short term. Shanghai's aluminum market has been oscillating downwards, transactions have become increasingly active, and spot prices have remained relatively stable. The reluctance to sell aluminum is very serious. Buyers are expecting lower prices and the market lacks a trading atmosphere. Today's spot trading range is between 16740 and 16840 yuan, and a large amount of cash is piled up in the South China Sea, making the South China Sea spot price under pressure. Aluminum is still unable to get out of the interval and maintain its oscillation in the later period.

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