Home / Metal News / Aluminium / [brief Review of Aluminum in SMM] Shanghai Aluminum hit most of the gains in the three days before the end of the day when it hit short at the beginning of trading.
[brief Review of Aluminum in SMM] Shanghai Aluminum hit most of the gains in the three days before the end of the day when it hit short at the beginning of trading.
Oct 21,2019 17:06CST
translation
Source:SMM
Shanghai aluminum hit short at the opening of the market, as of the closing day before the end of the market to give up most of the three days of gains
The content below was translated by Tencent automatically for reference.

SMM, 21 Oct:

The 1912 contract of the main Company of Shanghai Aluminum opened at 13880 yuan / ton in the morning. At the beginning of the day, it encountered shorts to increase its positions by more than a thousand hands. Because of the greater pressure on the top at the same time, Shanghai aluminum was unable to bear pressure and fell below all the moving averages. at noon, it hovered all the way down, hovering in the first line of 13825 yuan / ton at noon, because there was no long force to drive the disk up. Shanghai aluminum continued to fall in the afternoon, and short bears continued to increase their positions. Near the end of the day, Shanghai aluminum leaked to the lowest point of 13740 yuan / ton in a day. After exploring the low, it rebounded slightly, closing at around 13760 yuan / ton, down 100 yuan / ton, or 0.72%. The trading volume increased by 41670 hands to 130000 hands, and the position increased by 8422 hands to 241000 hands, closing in the middle negative line. Today, aluminum prices almost gave up most of the gains three days before. In the early days of SMM, it has been emphasized that aluminum prices are expected to grow on the supply side and weaken on the consumer side. Under the background of expected growth on the supply side and weakening expectations on the consumer side, aluminum prices in the fourth quarter are under pressure, and the upper space is smaller. Last week's 4 consecutive gains belong to a phased rebound, because the logic of the forward bias has not changed, and the subsequent vomiting increases are indeed sooner or later. This rapid correction today shows that market confidence is not strong. It is expected to continue to test 13800 yuan / ton gate support level in the evening, and continue to pay attention to the surrounding metal rally and the change of Shanghai aluminum long short position in the evening.

(Shanghai Nonferrous Network Yiliang 021-20707892)

Evening news

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn