Market Daily Commentary: Shanghai Alcoa Line Limit

Shanghai Aluminum: Shanghai's aluminum prices fell across the board Tuesday. The aluminum price of LME fell slightly, and opened about 100 yuan lower. After the Shanghai copper plummeted, Shanghai Alcoa was also sealed down. Shanghai Aluminum's overall trading volume was 33,000 contracts, which had shrunk and the open interest decreased by 7,100 contracts. Like Shanghai Copper, yesterday's decline in Shanghai Aluminum was also affected by the expected appreciation of the renminbi. Technically, Shanghai Aluminum's price is lower than the integer closing price of 17,000 yuan. The effectiveness of this support will be tested. At this price, it is also the location of the 5 and 10-day moving averages. It is expected to have a certain amount of repetition. Operational suggestions for temporarily avoiding more than one, choose to buy on the bargain.