On May 18th, Shanghai Aluminum opened slightly higher, oscillating higher, and gains in the afternoon have shrunk. Analysts in the industry believe that Shanghai Aluminum will maintain a narrow swing. On Wednesday, May 18th, the Shanghai Futures Exchange (SHFE) aluminum main 507 contract opened at 16710 yuan, shock consolidation, to close at 16,710 yuan, up 70 yuan; spot 506 contract closed at 16,810 yuan, up 20 yuan. Shanghai Jinpeng Futures Analyst Li Ling believes that the London aluminum market closed out the Yangxian for two days in a row. In the short term, it suppressed the intraday sell-off and the market finally began to brewing the rally. The fundamentals also provided good support. Inventories continued to show a declining trend. On the 17th, it was a sharp drop of 6,000 tons, and on the 18th, it still maintained a downward trend, falling by 2,375 tons to 54,1975 tons. Technically, the support of $1,700 is relatively strong. After experiencing repeated market conditions, the market can seek a breakthrough in the end. Shanghai Aluminum maintained its flat trend on the 18th, and the spread of long-term contract premiums has not been corrected by the market. Investors all recognize the current market structure. The current decline in the South China Sea aluminum is suspended. The transaction range on the 18th is between 16800 and 16880 yuan. The spot price is not alarming and does not provide aluminum futures. Like the lack of speculative power in the market, the short-term energy is not in the same Play in the market. Shanghai Aluminum will also maintain a narrow swing. Xiao Qiaohua, a GF futures analyst, believes that the rumors of the appreciation of the renminbi have gradually subsided. On the 18th, Shanghai Aluminium was the first to take a stronger position, with active trading throughout the day and a slight increase in long-term positions. At the end of the week, the price of liquidation by the open positions fell back. The main contract in July was the cross star in the moving average system. Aluminium aluminum rebounded slightly, and domestic spot prices rebounded slightly on the 18th to provide support for futures prices. Under the impetus of a good external environment, aluminum prices still have rising requirements. However, the trend of Crossstar in the moving average system on the 18th shows that the price action may be slightly insufficient, and the capital factor will still constrain its upward range. It is expected that the resistance level of 16800 in the short term will still be difficult to break through.