SMM July 22 News:
Shanghai Aluminum main 1909 contract opened in the morning at 13825 yuan / ton. After the opening of the market, bulls increased their positions in Shanghai aluminum touch high 13835 yuan / ton, followed by short entry, the first trading stage before noon Shanghai aluminum to maintain a narrow range near the 20-day moving average concussion. After entering the second transaction stage, short sellers took the initiative to suppress aluminum prices, Shanghai aluminum shock down, quickly fell below the 20-day moving average, Shanghai aluminum continued to be weak in the afternoon, bulls left the market to drive aluminum prices to continue to weaken, at the end of the day some short-term profit taking, aluminum price shock closed at 13750 yuan / ton, closed at the lowest point of the day. Positions increased by 4304 to 244444, while Shanghai Aluminum Index positions fell by 5552 to 685196. Shanghai aluminum fundamentals have not changed, short-term consumption weakened, cost fell short, and medium-term consumption is still expected to improve, Shanghai aluminum remained weak shock. In addition, there has been a significant pullback in the near future, Shanghai Aluminum has gradually returned to fundamentals, and the price has returned to a pullback.
(SMM Yi Liang 021 20707892)
