Brief comment on the aluminum market on July 3

On Friday, the main 2008 contract of Shanghai aluminum opened at 14,000 yuan / ton in the morning, and the opening bulls entered strongly to lift the aluminum price to a high of 14,035 yuan / ton before the afternoon, and then some bulls took profits and left the market, and the aluminum price showed a downward trend
.

At about 10:55 p.
m.
, the bears entered more than 200 lots, and the aluminum price gave up the opening gains to the low of the day of 13955 yuan / ton, and then some of the bears took profits and reduced their positions, and the bulls reoccupied the market initiative, and the Shanghai aluminum price reversed the downward trend
.
In the afternoon, bulls continued to enter, aluminum prices rose strongly, 30 minutes before the close, as some bears drove out the market, Shanghai aluminum prices reached a daily high of 14075 yuan / ton, and the latter part of the bulls took profits and left the market, aluminum prices closed at 14055 yuan / ton
within the day.

Electrolytic aluminum inventories continue to decrease, approaching the weekend, electrolytic aluminum shipments are slightly better than the previous two days, the tight supply situation has eased slightly, and some bulls have regained confidence, but the overall caution is still there
.
It is expected that the evening will still be dominated by strong shocks, and the upside is relatively limited
.