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[SMM Aluminum Morning News] both internal and external aluminum prices are operating under pressure below all EMA short-term aluminum prices should not be overly bearish.
Oct 16,2019 09:09CST
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[SMM Aluminum Morning News] both internal and external aluminum prices are operating under pressure below all EMA short-term aluminum prices should not be overly bearish.
The content below was translated by Tencent automatically for reference.

SMM, 16 October 2019:

Every other night, the 1912 contract of the Shanghai aluminum main company opened low at about 13760 yuan / ton, and at the beginning of the day, it increased its position by more than 2500 hands, and the aluminum price hovered around the line of 13760 yuan / ton. then it began to break free from the shackles of the daily moving average and began to climb higher, and set foot on a step to explore the within-day high point of 13805 yuan / ton, and finally closed at 13790 yuan / ton, up 40 yuan / ton, up 0.29%, and the trading volume decreased by 67258 hands to 26322 hands. Position increased by 3158 hands to 227000 hands, closed at the small positive line, the center of gravity has risen from within the day, but still below all moving averages. Now is in October the traditional consumption peak season, although this year peak season state is not expected, but did not perform extremely bad, and the recent aluminum plant production pace is slow, part of the production capacity probability will move to next year, and from the electrolytic aluminum plant cost end consideration, should not be too bearish in the short term, it is expected that today's operating range of 13720-13820 yuan / ton, rising water within 20-60 yuan / ton.

Overnight aluminum opened at $1719.5 / ton, fell back in Asian trading, first rose to around $1723.5 / ton and then began to fluctuate all the way down, and explored a low of $1710.5 / ton in the European market. Because there is still a certain support below, aluminum prices then rebounded and rose to around $1732 / tonne, closing at $1729.5 / tonne. Trading volume increased by 884 hands to 10765 hands. Positions reduced by 10490 hands to 760000 hands, short positions were mainly reduced, yesterday's K line closed at the small positive line, up $10.50 / ton, up 0.61%, but the overall pressure is still below all moving averages, expected to run between $1710 and $1740 per tonne today.

 

(SMM Xueman)

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