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[brief comment on Aluminum in SMM stage] Nonferrous whole floating Red Shanghai Aluminum rising record Xiao Yang
Jul 19,2019 16:48CST
translation
Source:SMM
The rise of Red Shanghai Aluminum as a whole of Nonferrous Metals recorded Xiao Yang
The content below was translated by Tencent automatically for reference.

SMM, July 19 / PRNewswire-Asianet /-

The Shanghai Aluminum 1909 contract opened at 13900 yuan per ton in the morning. After the opening of the market, the bulls took the initiative to increase their positions, and Shanghai aluminum rose rapidly before noon, reaching a high level of 13975 yuan per ton, close to the 60-day moving average above. In the afternoon, high short positions took the initiative to increase positions, Shanghai aluminum shock fell back, at the end of the day short stop earnings left the market, Shanghai aluminum closed at 13935 yuan / ton. Shanghai Aluminium increased its position by 8900 hands to 246114 hands, while the Shanghai Aluminum Index increased its position by 17068 hands to 704768 hands. Shanghai aluminum fundamentals have not changed, short-term costs down consumption weaker, while maintaining the third quarter consumption improvement expectations, there is no obvious direction. In the near future, it is more driven by the macro, the outer disk and the surrounding varieties as a whole. Shanghai aluminum is expected to maintain interval shock next week, the center of gravity has increased, above 13950-14000 yuan / ton is still a short space can enter the safety point.

(Shanghai Nonferrous Network Yi Liang 021 20707892)

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