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[brief comment on SMM Aluminum] the 5-day moving average of Shanghai Aluminum Center of Gravity has been boosted by the macro news in the past two days.
Jun 20,2019 16:19CST
translation
Source:SMM
Buoyed by the macro news of the past two days, Shanghai Aluminum Center of Gravity stood above the 5-day moving average.
The content below was translated by Tencent automatically for reference.

SMM, June 20 / PRNewswire-Asianet /-

The performance of the 1908 contract of Shanghai Aluminum Company was suppressed first and then rose today. In the morning, it opened at 13915 yuan / ton, and the shadow line briefly touched an intraday high of 13920 yuan / ton. In the afternoon, the concussion slid as low as 13865 yuan / ton and fell below the daily average. However, due to the improvement in the macro atmosphere in the past two days, there was still some support below the aluminum price after falling back. Shanghai aluminum then began to turn upward from the low, and returned to the high level around 13910 yuan / ton, closing at 13910 yuan / ton, up 55 yuan / ton, an increase of 0.4%. Trading volume decreased by 32500 hands to 115000 hands, position increased by 1978 hands to 259000 hands, closed at the small positive line, the center of gravity rose back to above the 5-day moving average, recorded Sanlianyang, daily KDJ third line up, MACD green line shortened. As a result of the dove signal released by the Fed's interest rate resolution, the market trading atmosphere has improved, and aluminum prices have gone up slightly while the fundamentals are temporarily stable, but considering that the supply and demand side is still short, it is expected that the space above the follow-up will be limited. In the evening, we will continue to pay attention to the changes in long and short positions and the impact of relevant macro news on market sentiment.

(SMM Shanghai Nonferrous Xuman 021 5159 5898)

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