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[brief comment on SMM Aluminum] interest rate cut is expected to strengthen the general rise in metal prices. Aluminum prices have been boosted by an upward shift in the center of gravity.
Jul 11,2019 17:30CST
translation
Source:SMM
Interest rate cut is expected to strengthen metal inflation aluminum prices have been boosted by a shift in the center of gravity
The content below was translated by Tencent automatically for reference.

SMM, July 11 / PRNewswire-Asianet /-

Shanghai Aluminum main contract 1908 opened in the morning at 13910 yuan / ton. After the opening of the market short take the initiative to enter, before noon Shanghai aluminum quickly fell back to near the 20-day moving average, and maintain a narrow range of concussion. In the afternoon, multi-empty positions were reduced to 13805 yuan per ton. Last night, as Powell doves spoke to strengthen the expectation of a US dollar interest rate cut, the US index fell sharply and the outer metal rose obviously. driven by Lun Aluminum, Shanghai Aluminum rushed up sharply in the evening, but due to the lack of fundamental support, the short entry pressure gradually fell back in the morning. Today, the stock of aluminum ingots in society has increased from reduction to increase, coupled with the downward movement of alumina, electricity, anode and other costs, the fundamentals of Shanghai aluminum are still empty. At the same time, we should be vigilant against the driving of domestic Shanghai aluminum, and carefully choose the entry point.

(Shanghai Nonferrous Network Yi Liang 021 20707892)

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