[brief comment on SMM Aluminum] Shanghai Aluminum position moved back to the main contract to give back most of yesterday's gains.

SMM, June 12 / PRNewswire-Asianet /-

The 1908 contract of Shanghai Aluminum Company opened at 13990 yuan / ton in the morning, touched a high of 13995 yuan / ton in the morning, and then began to go down all the way within the next day. Before noon, it fell slightly to 13970 yuan / ton for a little rest. In the afternoon, due to the inability of Shanghai aluminum to continue to explore, several negative lines fell straight to 13930 yuan / ton in the afternoon. The low price was 13915 yuan / ton, and finally closed at 13930 yuan / ton, down 20 yuan / ton, a drop of 0.14%. Trading volume increased by 8106 hands to 72690 hands, positions increased by 11838 hands to 230000 hands, 1906 and 1907 contract positions have been reduced, it can be seen that the position has moved backward, today the main company 1908 contract short positions mainly, the day K line recorded a small Yin line, giving up most of yesterday's increase. Today's macro data is relatively light, Shanghai aluminum operation logic back to the fundamentals, due to the existence of future consumption expectations, aluminum prices are not strong, is expected to continue to maintain interval volatility to seek lower support, continue to pay attention to long short position changes.

(SMM Shanghai Nonferrous Xu Man 021 5159 5898)