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[brief comment on SMM Aluminum] the Social inventory continues to drop the Xiaoyin of Shanghai Aluminum under pressure on the Outer disk
Jul 29,2019 18:10CST
translation
Source:SMM
Social inventory continues to drop the small shade of Shanghai aluminum under pressure on the outer plate
The content below was translated by Tencent automatically for reference.

SMM, July 29 / PRNewswire-Asianet /-

Shanghai Aluminum main contract 1909 contract opened in the morning at 13895 yuan / ton. After the opening of trading, the air level into Shanghai aluminum rose slightly as high as 13900 yuan / ton. Subsequently, bulls obviously lack confidence, in the day before the announcement of social inventory quickly closed positions left the market, Shanghai Aluminum quickly fell to the 10 moving average. Subsequently, due to the social aluminum ingot inventory continued to maintain a small reduction, short of the same lack of confidence, continue to leave the market, so that Shanghai aluminum around the 10-day moving average to maintain a narrow range of shock, during which Shanghai aluminum low touch 13855 yuan / ton. A small number of bulls entered the market at the end of the day, and the Shanghai aluminum shock closed at 13880 yuan / ton. Positions fell 8376 hands to 235194 hands, and the Shanghai Aluminum Index fell 4918 hands to 698286 hands. Driven by the strength of the US index and the weakness of the external market, Shanghai aluminum bulls' confidence is obviously insufficient, but the small decline in inventories makes short positions also remain on the sidelines. Due to the gradual tightening of the lower moving average to form support and continued decline in inventories, Shanghai Aluminum is expected to maintain a narrow range of volatility, while still need to pay attention to the possible decline in external Lun Aluminum.

(Shanghai Nonferrous Network Yi Liang 021 20707892)

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