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[brief comment on SMM Aluminium] Shanghai Aluminium returned all its gains in the previous three days and fell more than 100% today.
Jun 21,2019 15:45CST
translation
Source:SMM
Shanghai Aluminium gave back all its gains in the previous three days and fell more than 100% today.
The content below was translated by Tencent automatically for reference.

SMM, June 21 / PRNewswire-Asianet /-

The 1908 contract of Shanghai Aluminum Company opened in the morning at 13840 yuan / ton, and the first trading stage was under pressure of less than 13860 yuan / ton, and the low price hit 13825 yuan / ton. Because it was always difficult to get upward momentum before noon, the short position began to increase the pressure in the afternoon. Shanghai aluminum went all the way down, falling below the daily average, falling to 13745 yuan / ton, the lowest price since the end of March, and recovered slightly at the end of March, closing at 13765 yuan / ton, down 120 yuan / ton, down 0.86%. Trading volume increased by 36888 hands to 152000 hands, position volume increased by 9476 hands, position moved backward, short position increased mainly, daily KDJ three-line aggregation downward to form a dead fork. Closing at the Changyin line today, giving back all the gains in the previous three days, it can be seen that the market has basically digested the macro good news of the previous two days, and the focus has returned to fundamentals. Under the background of the downward pressure on alumina prices at the cost end, short sellers take advantage of the opportunity to suppress aluminum prices. Considering that it is difficult to change short factors in the short term, it is expected to continue to run below the Wansi pass in the evening, and continue to pay attention to the long short position changes and the market trading atmosphere in the evening.

(SMM Shanghai Nonferrous Xuman 021 5159 5898)

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