Home / Metal News / Aluminium / [brief Review of SMM Aluminium] the rise in crude oil has slightly boosted the upward strength of the basic metal Hulun aluminum.
[brief Review of SMM Aluminium] the rise in crude oil has slightly boosted the upward strength of the basic metal Hulun aluminum.
Apr 14,2020 18:39CST
translation
Source:SMM
Crude oil rise slightly boosts basic metal Hulun aluminum upward weakness
The content below was translated by Tencent automatically for reference.

SMM, 14 April:

Aluminum opened slightly higher at $1490.5 a tonne on Tuesday. After the opening of the aluminum shock upward, touch the day's highest level of $1510 / ton after the performance of vomiting, sub-session, two times up the $1510 line, have been suppressed to fall back, the end of the sub-session, fell daily moving average, fell back to the opening price of around $1490. As of 17:42 Beijing time, Lun Aluminium closed at US $1495.5 / ton, while the daily K line temporarily closed at a hammering Xiaoyang line, up US $11.50 / ton, or 0.74%. The trading volume was reduced by 6985 hands to 6548 hands, and the position volume was reduced by 2197 hands to 775000 hands. The decline of crude oil is a drag on the high level of aluminum, and the fact that the fundamentals are weak is an established fact that it is difficult to change. It is expected to run at US $14801500 / ton at night.

On Tuesday, the 2006 contract of the Shanghai Aluminum Company opened at 11760 yuan per ton in the morning. Before noon, the market performance first raised and then suppressed, rushed to 11815 yuan / ton after the long high position reduction, the disk slightly fell back; in the afternoon narrow fluctuations, closed at 11770 yuan / ton, slightly up 15 yuan / ton, up 0.13%. The rise in crude oil continued to boost nonferrous oil during the day, but the rise in Shanghai aluminum must be weak, difficult to break away from the 5 / 10 moving average. Trading volume decreased by 204699 hands to 53035 hands, long unilateral position increased by 308 hands to 142000 hands, mainly long positions. Near delivery, the contract structure hovered in recent months, and the long short show hesitation. We need to keep an eye on the macro news to boost the aluminum disk and the changes in supply and demand of the fundamentals. The operating range of the main aluminum company in Shanghai is expected to be 11600-11800 yuan / ton tomorrow.

Evening 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