Copper: Shanghai copper rebounded today. The main contract 601 opened at 36,900, and fell all the way. After 36,500, it gained support and rose to close at 36,790. Inventory reduced by more than 1,000 tons again, basically returning to the stock condition at the beginning of the week. As the option expires, the price rise will at any time lead to an increase in inventory again to meet the requirements of its seller’s exercise. However, there is still room for manoeuvres of call options with current price ranges of 3800 and 4200 against the strike price. In the event of avoiding exercise of power, prices will intensify shocks. Operational recommendations are currently based on wait and see.
Aluminium: Shanghai Aluminum continued its weak performance today, and overall positions are still falling. In the spot market, the good expectations brought about by the previous upswing made most of the middlemen actively stock their products, and today's panic scenes make them eager to deal with their hands. The spot has hit 17100 area, and it is expected that the price will be stabilized in the later period. It is suggested that the midline can be accepted on more than one spot.
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