Shanghai aluminum opened higher

On Wednesday, Alluminium continued to pick up. It closed at 1735, up by 25 dollars from the previous trading day. 76,457 contracts were traded throughout the day, a decrease of 40,775 contracts compared with the previous trading day; the number of positions opened was 393,778 lots, a decrease of 16,197 lots compared to the previous trading day; and the inventory was 558,550 tons, an increase of 425 tons over the previous trading day. From the daily chart, the rise in Wednesday's aluminum is still a continuation of the oversold rally. Despite the formation of a $25 medium-sized Yang Xian, there was a significant reduction in both volume and open interest, suggesting that there was insufficient incentive to further increase. It is expected that after a short rally, Leng aluminum will continue to maintain its downward trend. Shanghai Aluminum futures prices opened higher and fell lower on Thursday. Market transactions were depressed. Among them, the 508 contract kicked off with a 16920 high in early trading, and the momentum weakened after hitting a high of 16950. The price fell accordingly, dropping to 16840 and closing at 16850. The total turnover of 3026 hands. The amount of empty space is reduced by 148 hands. At present, after Shanghai Aluminum has risen in the past few days, it has a correction today. However, spot prices and inventories are still important factors in supporting futures prices. Shanghai Aluminum is expected to maintain a narrow range in the short term. Investors should wait and see.

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