SMM, 12 October 2019:
Every other night, the contract conditions of Shanghai Aluminum Company 1912 jumped short and opened at 13750 yuan / ton. At the beginning of the day, they increased their positions by more than 600. then they maintained a narrow range of fluctuations in the evening, the difference between high and low prices was less than 30 yuan / ton, closed at 13735 yuan / ton, down 85 yuan / ton, down 0.62%, recorded a small negative line, trading volume decreased by 74656 hands to 30064 hands, position increased by 1178 hands to 219000 hands, the center of gravity sank compared with the day, and the recent trend of aluminum prices was weak. In the absence of a new long story point, aluminum prices are expected to improve significantly in the short term, expected to run between 13700-13800 yuan / ton next Monday, spot discount between 20-60 yuan / ton.
Overnight aluminum opened at $1754 / tonne, then opened high and low during the day, fluctuated all the way down from its intraday high of $1754 / tonne, and stabilized at $1722.5 / tonne at the end of the Asian session. Then it tried to get rid of the decline slightly upward, but it was difficult to break through all the moving averages above, only to stop near $1730 / tonne and then soften again, finally recording a daily low of $1720 / tonne near the close, closing at $1722 / tonne. It fell 28 US dollars / ton, or 1.6%. The trading volume increased by 3326 hands to 11618 hands, and the position increased by 243 hands.