[brief Review of Aluminum in SMM period] the sharp drop in inventory confirms the steady consumption of aluminum in Shanghai and the record of three Lianyang.

Published: Oct 17, 2019 17:26

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The sharp drop in inventory confirms the steady consumption of aluminum in Shanghai and the record of three Lianyang.

SMM, 17 October:

Shanghai aluminum main contract 1912 morning opened at 13820 yuan / ton, located above the 5-day moving average. After the opening of the long warehouse entry, Shanghai aluminum shock quickly broke through the 10-day moving average, high touch 13870 yuan / ton. High led to short positions into the market, Shanghai aluminum increase shock narrowed, the end of the market part of the profit-taking, Shanghai aluminum closed at 13855 yuan / ton. Positions fell 1966 to 235476, while the Shanghai Aluminum Index increased 5550 positions to 672542. Today's social aluminum ingot inventory fell by 61000 tons per week, in line with the market expectations of stable consumption, Shanghai aluminum recorded three Lianyang. The electrolytic aluminum market is faced with the contradiction between the stable consumption in the near future and the increase of long-term supply and the downward pressure of cost, and the space above the rebound is also relatively limited. It is suggested to increase the short-term band operation.

(SMM Yiliang 021-20707892)

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