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[brief comment on Aluminum in SMM Phase] Aluminum stocks continue to drop by more than 60, 000 tons of aluminum prices are still under pressure and difficult to return below the Wansi pass.
Jun 6,2019 15:49CST
translation
Source:SMM
Aluminum stocks continue to fall by more than 60,000 tons of aluminum prices are still under pressure to return below the fourth pass
The content below was translated by Tencent automatically for reference.

SMM, June 6 / PRNewswire-Asianet /-

The 1907 contract of Shanghai Aluminum main Company opened at 14015 yuan / ton in the morning, fell below the Wansi pass in opening trading, and then was difficult to rise below the daily moving average. It fell all the way. During the period, although it tried to rise back, it eventually stopped at 14010 yuan per ton. Near the close, the lowest price in the day was 13950 yuan / ton, refreshing the lowest price since May 7. Today, it closed at 13950 yuan / ton, trading volume increased by 54900 hands to 132000 hands, position volume decreased by 3516 hands to 219000 hands, and the position moved backward. The main company 1907 closed in the middle vaginal line, below pierced the 60-day moving average, the center of gravity sank than yesterday, the daily MACD green column elongated, KDJ three lines down. Metal ups and downs during the day, although aluminum stocks continued to drop more than 60, 000 tons on Thursday, but the future consumption expectations are not strong superimposed macro negative atmosphere, it is difficult to go up unilaterally within the day, 1908 contract short positions significantly increased, we can see that the future market expectations are on the short side. Today's aluminum price trend is weak, pay attention to the release of relevant macro news during the holiday, closed in the evening.

(SMM Shanghai Nonferrous Xu Man 021 5159 5898)

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