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[brief comment on SMM Aluminum] Shanghai Aluminum approaches the low level of Wansi pass and refreshes the lowest price since the end of March this year.
Jun 17,2019 15:45CST
translation
Source:SMM
Shanghai Aluminium approaches the low level of Wansi pass to refresh the lowest price since the end of March this year
The content below was translated by Tencent automatically for reference.

SMM, June 17 / PRNewswire-Asianet /-

The 1908 contract of Shanghai Aluminum main Company opened at 13860 yuan / ton in the morning, fell below the daily average at the beginning of trading, and was lowered by 13800 yuan / ton under the pressure of short positions, and then ran below the daily average for the whole day, making it difficult to make an upward breakthrough, during which it approached the 13800 yuan / ton barrier twice. As a result of always being unable to move upward and approaching the short end of the market to take advantage of the pressure, it is difficult for aluminum prices to directly fall to the lowest point of the day, 13765 yuan / ton, refreshing the lowest price since the end of March this year. Because there is still some support below, they quickly leave the market in the last five minutes of the day market, reduce their positions by more than 1,000, and Shanghai Aluminum rebounds low, finally closing at 13810 yuan / ton, down 110 yuan / ton, down 0.79 percent, and the trading volume increases by 59434 to 131000 hands. Position increased by 6598 hands to 247000 hands, closed today in the negative line, the center of gravity below all EMA, daily KDJ three-line convergence downward. At the same time, today was the last delivery day of the 1906 contract. Today, the low level of the 1906 contract hit 13800 yuan / ton, closing at the negative line, down 165 yuan / ton, down 1.18%. The position decreased by 5850 hands to 28820 hands, and the trading volume decreased by 6060 hands to 9790 hands. The delivery volume was 72050 tons and the settlement price was 13905 yuan / ton. Today's macro atmosphere is not good, in the US Index high background superimposed fundamentals are on the short side, the trend of aluminum prices is weak, it is expected that after the change of months, aluminum prices will continue to maintain a weak shock, the upper space is relatively limited, and continue to pay attention to changes in long and short positions in the evening.

(SMM Shanghai Nonferrous Xu Man 021 5159 5898)

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