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[brief Review of Aluminum in SMM period] it is difficult to break away from the 5 / 10 moving average for Shanghai Aluminum Company to run up slightly in a few days.
Apr 9,2020 18:49CST
translation
Source:SMM
It is difficult for Shanghai Aluminum Company to break away from the 5 / 10 moving average by a small rise in the day.
The content below was translated by Tencent automatically for reference.

SMM, 9 April:

Today, the 2006 contract of Shanghai Aluminum Company was opened at 11625 yuan / ton in the morning. At the beginning of the session, part of the short left the market, the disk short-term rushed up to 11695 yuan / ton, then the short again increased the position, the price fell back quickly, fell to the lowest level of 11605 yuan / ton in the day. Pre-afternoon second trading stage to the afternoon close, the market continued to maintain a narrow range of volatility, closed at 11655 yuan / ton, up 35 yuan / ton, up 0.3%, unilateral short positions decreased by 607 to 138000 hands, trading volume decreased by 5729 to 72427 hands, mainly short positions. From a macro point of view, the market is expected to reduce the domestic rate higher, the contract structure has been converted to contango. Although the fundamental inventory recorded a weekly decline, mainly due to the performance of short-term smelters to sell, and the value of this low price, downstream hoarding psychology, but according to SMM research, after mid-April aluminum processing enterprises new export orders shrink, will be negative feedback to electrolytic aluminum demand, the level of oversupply is difficult to record a large revenue, so the long short performance is more hesitant, the main contract substantial increase or decrease behavior did not appear. It is expected that tomorrow the Shanghai aluminum main company 2006 contract operating range is difficult to break away from the 5 / 10 moving average, concussion runs in 11500-11700 yuan / ton.

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