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[SMM Aluminium Morning News] the fundamentals are weak. Hulun Aluminium is on the weak side of the shock.
Apr 9,2020 09:36CST
translation
Source:Www.smm.cn
Weak fundamentals, weak Hulun aluminum, weak concussion.
The content below was translated by Tencent automatically for reference.

SMM, 9 April:

The 2006 contract of Shanghai Aluminum Company was opened as low as 11535 yuan / ton. After a short period of hesitation after the opening, then more empty, the disk tried to return to yesterday's closing level, closing at 11620 yuan / ton. Day K line closed a small positive line, compared with yesterday's closing level, position increased by 1792 hands to 138000 hands, trading volume reduced by 11409 hands to 78156 hands, mainly long positions. Domestic tax reduction news continues to ferment, feedback to the disk performance 06 contract long position obvious, but under the background of weak fundamentals, Shanghai aluminum trend is difficult to break away from the 5 / 10 moving average. It is expected that today's Shanghai Aluminum Company 2006 contract operating range of 11500-11650 yuan / ton, spot pair in the month to post 20 to Pingshui near.

Aluminum opened at $1479 a tonne on Wednesday morning. In the Asian session, the disk fluctuated upward slightly, and at the end of the Asian plate, it struggled to reach a daily high of $1485 / ton, and then fell after the initial shock in the European market. As of 18:24, it closed at $1462.5 / ton, giving back all the gains in the day. Down $9 / tonne, or 0.61%, dominated by long positions. Yesterday, Lun aluminum followed the decline of overseas metals, and there is a further downward trend. At present, the reduction of production on the overseas supply side is very limited, but the demand is obviously weakened, so the pattern of weak fundamentals is difficult to change, and it is expected to run weakly at 1450-1480 US dollars per ton within the day.

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