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[SMM aluminum morning news] Shanghai aluminum strong pull up Lun aluminum small rebound
Apr 20,2020 09:23CST
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Shanghai aluminum strong pull up Lun aluminum small rebound
The content below was translated by Tencent automatically for reference.

SMM, 17 April:

On Friday, the 2006 contract of Shanghai Aluminum Company was opened at 12165 yuan / ton, which was mostly empty before noon, and the disk showed a narrow range of concussion. Afternoon opening long strong position more than 1, 000 hands, the main company price strongly pulled up 155 yuan / ton to 12310 yuan / ton, then the market sentiment was driven, short risk reduction superimposed long one after another entered the market, the market surface rose steadily, closed at 12410 yuan / ton high, up 2.69%, trading volume increased 15399 hands to 122000 hands, unilateral short position reduced 737 hands to 135000 hands. The daily K line receives a large positive line and touches the position of the 40-day moving average. Shanghai aluminum bulls entered the market strongly this afternoon, maintaining a solid back structure between the contracts. The spot market is active, East China spot aluminum ingot trading has finally turned to a small rise in the current month, Guangdong and Shanghai price spread has also expanded to around 50-60 yuan / ton, short-term fundamentals repair logic continues to be realized and recognized by the market. Shanghai aluminum company has smoothly rose for four consecutive trading days, repair the decline since March 19, is expected to continue to go to the warehouse today will still be strongly supported, the range running at 12300-12480 yuan / ton. Need to continue to pay attention to long short mood changes and fundamental demand marginal changes, spot to the current month in the post 10 to 10 yuan / ton.

Aluminum opened at $1517 a tonne in the morning on Friday. In the Asian session, Lun aluminum rose slightly after a brief horizontal session of $1510 / tonne, and was boosted by Shanghai aluminum to $1534 / tonne at the end of the session. But the trend was similar to yesterday, when the European to North American trading session ended down $1505, down $8, or 0.53 per cent, because of weak fundamentals and a weak upside. Trading volume increased by 4061 hands to 15386 hands, position increased by 9660 hands to 773000 hands, to increase short positions. Today's aluminum operating range is expected to be 1490US dollars / tonne.

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