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[brief Review of Aluminum in SMM] the Cross Star of Shanghai Aluminum Collection intensified by Multi-space Game
Oct 18,2019 16:48CST
translation
Source:SMM
The sharp drop in inventory confirms the steady consumption of aluminum in Shanghai and the record of three Lianyang.
The content below was translated by Tencent automatically for reference.

SMM, 18 October:

Shanghai aluminum main force 1912 contract opened in the morning at 13890 yuan / ton. Short after the opening of the initiative to suppress aluminum prices, followed by long entry, long-short game intensified, before noon Shanghai aluminum to maintain a narrow range above the 10-day moving average shock. Afternoon short again pressure, Shanghai aluminum low touched 13835 yuan / ton, low led to a long entrance, Shanghai aluminum closed at 13850 yuan / ton of the 10-day moving average, showing a cross star, erasing the night before the rise. Positions fell 3066 to 232410, while the Shanghai Aluminum Index increased 4280 positions by 676822. This week, Shanghai aluminum stopped falling and rebounded, and the long-short game intensified obviously after Shanghai aluminum returned to a relatively high position. At present, the domestic electrolytic aluminum fundamentals are still facing stable consumption at this stage and the contradiction of increasing electrolytic aluminum supply pressure and cost downward in the future. This makes Shanghai aluminum continue to weaken upward momentum. We still need to pay attention to whether the inventory of social aluminum ingots can continue to decline next week. If the reduction continues, Shanghai Aluminum will have the possibility of touching the Wansi pass. It is expected that the operating range of Shanghai Aluminum will be 13750 yuan / ton next week.

(Shanghai Nonferrous Network Yiliang 021-20707892)

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