SMM, 22 October 2019:

Every other night, the Shanghai aluminum main company 1912 contract opened a wave of short flight quickly, Shanghai aluminum jump high opened at 13765 yuan / ton, but the upper 40-day moving average pressure is stronger, then slightly softened, in 13770 yuan / ton narrow range concussion, closed at 13770 yuan / ton, trading volume reduced 86600 hands to 43044 hands, position increased 6414 hands to 247000 hands, closed in the small positive line, the center of gravity fell from the previous day, fell below the 5 / 10 moving average. Overnight, Shanghai aluminum trend is weak, failed to recover all the decline within the day, began to reproduce the previous weak posture, is expected to run between 13700-13820 yuan / ton today, spot water between 60-100 yuan / ton.

Overnight aluminum opened at $1736 / tonne in the morning, hovered at $1737 / tonne after briefly hitting a high of $1741 / tonne in Asian trading, fell below all EMA by $1727.5 / tonne in the afternoon, and climbed all the way up along the 5-day moving average since entering the European trading session. Once again, the uplink was again hampered by around $1745 / tonne, then came back under pressure and swung all the way down to $1721 / tonne. Closed at $1724 / tonne, closed at the Xiao Yin line, gave up all the gains the day before yesterday, and returned to the horizontal position, expected to run between $1710 and $1750 a tonne today.

(SMM Xueman)