SMM, 29 October 2019:

Overnight, the Shanghai aluminum main company 1912 contract opened at 13830 yuan / ton at night, short pressurization after the opening, Shanghai aluminum shock downward, the lowest probe to 13765 yuan / ton, the second half of the night session tried to bottom rebound, closed at 13790 yuan / ton, down 35 yuan / ton, down 0.25%. Position increased by 260 hands to 235000 hands, trading volume decreased by 5460 hands to 88684 hands, mainly long positions. It is expected that the main Shanghai aluminum company will run at 13750-13850 yuan / ton today, and the spot will rise by 80-100 yuan / ton that month.

Overnight aluminum runs at $1732 a tonne in the morning. In the Asian session, Lun aluminum hesitated and fluctuated near the 5 / 10 moving average, while in Europe to North America, Lun aluminum rose as high as $1740 / ton to $1736 / ton, up 0.14 per cent from Europe to North America. Trading volume decreased by 648 hands to 5785 hands, position increased by 5950 hands to 753000 hands, mainly long positions. Lun aluminum is expected to operate at US $1720-1750 / ton within a day and needs to pay continuous attention to macro marginal changes.

(SMM Xueman)