SMM, 24 October 2019:
Every other night, the Shanghai aluminum main company 1912 contract opened high at 13800 yuan / ton, and after hovering briefly in the 13810 yuan / ton line at the beginning of the session, it softened to 13775 yuan / ton. At this time, when the bulls entered the market short and left, Shanghai aluminum was able to climb to 13840 yuan / ton, but continued to climb to 13840 yuan / ton. However, the follow-up power continued to be slightly inadequate, with the last under pressure running below 13830 yuan / ton, closing at 13820 yuan / ton, up 35 yuan / ton, or 0.25%. Trading volume decreased by 11422 hands to 48366 hands, position increased by 4946 hands to 243000 hands, closed at the small positive line, the center of gravity is basically the same as within the day, located below the 20-day moving average. In the short term, 13800 yuan / ton front line still has a certain degree of support, it is not appropriate to be too bearish on aluminum prices, it is estimated that today's operating range of 13750-13900 yuan / ton, spot water is expected to be between 80-120 yuan / ton.
Overnight aluminum opened at US $1717.5 / ton in the morning, and the Asian trading session was almost horizontal, with a fluctuating price spread of less than US $2 / ton. After entering the European trading session, Lun aluminum began to climb higher, rising all the way to the intraday high point near 1723.5 US dollars / ton. Then, due to a wave of short entry prices, Lun aluminum fell back and fell back to around 1716 US dollars / ton again. As the US index remained relatively low at night, Lun aluminum hovered at a low level for a long time. Evening Lun aluminum began a wave of uplink temptation, along the 5-day moving average all the way up $1733.5 / ton, due to the upper pressure, the end of the day slightly softened, closed at $1726.5 / ton, trading volume reduced to 7846 hands, position increased by 1728 hands to 746000 hands, closed in the small positive line, the center of gravity was basically flat from the previous day, up $7.50 / ton, up 0.44%, is expected to run between $1710 and $1750 / ton today.
(SMM Xueman)
