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[brief Review of Aluminum in SMM] fundamentals oversupply sustained crude Oil rise has limited stimulus to Shanghai Aluminum
Apr 2,2020 17:58CST
translation
Source:SMM
Fundamental oversupply continues to rise in crude oil to stimulate Shanghai aluminum limited
The content below was translated by Tencent automatically for reference.

SMM, April 2-

Today, the 2006 contract of Shanghai Aluminum Company was opened at 11430 yuan / ton in the morning. After the opening trend with the fall of aluminum, short warehouse pressure plate bottom 11225 yuan / ton; then short reduction warehouse departure, Shanghai aluminum slowly upward, repair the morning decline, closed at 11475 yuan / ton, trading volume increased by 45010 hands to 129000 hands, position volume increased by 1173 hands to 134000 hands, mainly long positions. The resistance position of the 5-day moving average above the daily K line is obvious, the domestic accumulation cycle continues, the supply surplus is maintained, and the export demand has a further deterioration trend. Tomorrow's shock is expected to run at 11220-11620 yuan per ton.

 

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