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[brief comment on Aluminum in SMM Phase] Aluminum prices fall below 10, 000
Jun 10,2019 15:29CST
The price of aluminum fell below the 10,000 mark, the Japanese K line fell below all averages.
The content below was translated by Tencent automatically for reference.

SMM, June 10 / PRNewswire-Asianet /-

The 1907 contract of Shanghai Aluminum main Company opened at 13950 yuan / ton in the morning, and the cross star was recorded at the beginning of trading, and the gold needle reached its lowest point in 13915 yuan / ton in a day, refreshing the lowest price since May 7. supported by the lower 5-day EMA to 13975 yuan / ton, a narrow range of concussion. The highest position only briefly touched 13990 yuan / ton, and the trend within the day was not strong. In the afternoon, it changed its wandering attitude and began to fall below the daily moving average. Although it stopped at a low of 13930 yuan / ton, it finally closed at a low point of 13940 yuan / ton, down 70 yuan / ton. The trading volume decreased by 33676 hands to 98272 hands, and the position decreased by 522 hands to 218000 hands, closing at the Xiaoyin line. At this point, the K line fell completely below all EMA, and the lower shadow line touched the lower track of Brin Channel, and the Daily MACD Green Line lengthened. KDJ, three lines down. In terms of intra-day macro data, although exports were better than expected in May, there were some export leads, and there were no obvious signs of a boost in aluminum prices. We were concerned about the changes in long short positions in the evening and the impact of the market atmosphere. Given that today's decline in aluminium inventories is narrower than last week's decline, superimposed by negative expectations of consumption after June, aluminium prices are unlikely to rise sharply in the evening.

(SMM Shanghai Nonferrous Xu Man 021 5159 5898)

Evening news

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