SMM, 2 Dec:
The main force of Shanghai Aluminum is open at 13865 yuan / ton. After the opening, after the short fled, the bulls quickly pursued, especially after the announcement that the social aluminum ingot inventory continued to drop by 35000 tons, the bulls' confidence increased greatly and continued to increase their positions. Shanghai aluminum rose smoothly after touching 13850 yuan / ton at the opening low, breaking through the 60-day moving average barrier in the afternoon, and touching 13970 yuan / ton at the end of the day, closing at 13950 yuan / ton. Positions increased by 6638 hands to 208592 hands, Shanghai aluminum index positions increased by 22052 hands to 615272 hands, mainly long positions. Domestic electrolytic aluminum inventory continued to decline smoothly in December beyond previous market expectations, and before the resumption of electrolytic aluminum production capacity continued to delay, consumption can still continue to decline inventory is likely, the short-term Shanghai aluminum main contract will try to hit the Wansi pass.
(Shanghai Nonferrous Network Yiliang 021-20707892)