[brief comment on SMM Aluminum] inventory is basically flat, negative, limited external market strong Shanghai aluminum rose slightly.

Published: Jul 16, 2019 18:14

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Inventory increase lacks fundamentals to support funds leaving Shanghai Aluminum to fall back

SMM, July 16 / PRNewswire-Asianet /-

Shanghai Aluminum main 1908 contract opened in the morning at 13865 yuan / ton, short after the opening of Shanghai aluminum hit the 5-day moving average, low hit 13825 yuan / ton, followed by the 5-day moving average concussion. Before noon, the bulls entered the market rapidly, reaching a high level of 13905 yuan per ton. In the afternoon short enter, aluminum prices fell back to 13900 yuan / ton below the shock operation, long and short at the end of the day to close at 13885 yuan / ton. Positions decreased by 11772 to 187136, 1909 contract positions increased by 5096 to 207170, and Shanghai Aluminum Index positions increased by 12484 to 674190. The short-term negative factor of Shanghai aluminum is mainly due to the downward cost caused by the downward price of alumina, and the increase of aluminum ingot inventory in consumption has not continued to increase. In addition to the strong trend of the external market, consumption improvement at the end of the third quarter can still be expected, Shanghai aluminum rebound slightly, still maintain range concussion.

(SMM Yi Liang 021 20707892)

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