[brief comment on SMM Aluminum] under the expectation of interest rate cut, the US Index oppresses the limited Shanghai aluminum to increase its position.

Published: Jul 30, 2019 17:45

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Under the expectation of interest rate cut, the US index suppresses the limited Shanghai aluminum to increase its position.

SMM, July 30 / PRNewswire-Asianet /-

Shanghai Aluminum main 1909 contract opened in the morning at 13945 yuan / ton. The day before the opening of the profit long left the market, Shanghai aluminum low touched 13885 yuan / ton, and then the low led to the long again, Shanghai aluminum rebounded to the 60-day moving average in the afternoon, the high led to part of the short entry. However, bulls have strong confidence and continue to increase their positions at the end of the day. Shanghai Aluminum 1909 contract concussion closed at 13930 yuan / ton. Positions increased by 3886 to 239080, while Shanghai Aluminum Index increased by 15586 to 713872. Bulls have plenty of confidence in expectations of a strong interest rate cut in the dollar and a higher-than-expected decline in social aluminium ingot inventories. Shanghai Aluminum is expected to remain at a high of 13900 to 14000 yuan / ton in the evening, waiting for Thursday's US dollar interest rate resolution and the performance of inventory data to continue to rise.

(SMM Yi Liang 021 20707892)

Evening news

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