Home / Metal News / Aluminium / [SMM Aluminum Morning News] crude oil rise led to the rise of Hulun aluminum, the fundamentals of Shanghai aluminum are weak and difficult to change.
[SMM Aluminum Morning News] crude oil rise led to the rise of Hulun aluminum, the fundamentals of Shanghai aluminum are weak and difficult to change.
Apr 3,2020 09:20CST
translation
Source:Www.smm.cn
The rise of crude oil leads to the rise of Hulun aluminum. The fundamentals of Shanghai aluminum are weak and difficult to change.
The content below was translated by Tencent automatically for reference.

SMM, 3 April:

On Thursday, the 2006 contract of Shanghai Aluminum Company 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; the rise in crude oil is expected to stimulate the Shanghai aluminum disk to rise slightly today, and the daily operating range is expected to be 11400-11700 yuan / tonne, and the spot pair is posted near 40 yuan / ton to 20 yuan / ton that month.

Aluminum opened at $1495 a tonne on Thursday morning. At the beginning of the Asian session, Lun aluminum shock fell to a low of $1485.5 / ton, and then tried to repair the previous decline; at the end of the Asian session to the beginning of the European session, the price of crude oil stopped falling, Lun aluminum disk was also encouraged, rushed up to $1500 / ton, but the bulls quickly closed their positions, and Lun aluminum resumed its downward position. Entering the North American trading session, driven by the rise in crude oil, Lun Aluminium again tried to rush higher, closing at $1504 / ton, up $9 / ton, up 0.6%, dominated by long positions. Fundamentals weak pattern is difficult to change, crude oil rose within the day to stimulate aluminum is limited, it is expected that the short-term trend of aluminum will remain under pressure, operating range of $14801530 / ton.

"Click to sign up:" 2020 (15th) China International Aluminum processing Summit "

Scan QR codes, apply to attend the meeting or join the SMM Metal AC Group

Morning 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