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[SMM Aluminium Morning News] overnight Shanghai-Lun ratio sharply expanded crude oil plummeting material to restrain non-ferrous color
Apr 21,2020 08:56CST
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Source:Www.smm.cn
Overnight Shanghai-Lun ratio rapid expansion of crude oil plummeting material inhibition non-ferrous
The content below was translated by Tencent automatically for reference.

SMM, 21 April:

On Monday, the Shanghai aluminum main company 2006 contract opened at 12335 yuan / ton in the morning, and rose slightly to 12460 yuan / ton before noon, then the rising momentum was insufficient, the price was revised back to 12300 yuan / ton, the short position at the end of the day was reduced, and the price rose slightly, closing at 12340 yuan / ton, down 70 yuan / ton, or 0.56%, from Friday. The trading volume increased by 6591 hands to 129000 hands, and the position decreased by 4070 hands to 131000 hands. Day K line close to the cross star small positive line, the top can touch the 40-day moving average. Fundamentals, domestic electrolytic aluminum social inventory continued to decline, year-on-year output also increased, demand continued to improve, but overnight crude oil plummeted, is expected to form a certain suppression of non-ferrous, Shanghai aluminum value of this high level is expected to record a certain degree of correction within the day, is expected to operate in the range of 12050-12350 yuan / ton.

Lun aluminum opens at $1505 a tonne in the morning. In the Asian session, Lun aluminum first raised and then suppressed, with a high of $1520 / ton; entering the European trading session, the short position continued to fall, bottoming out to $1487 / ton; then the session rebounded slightly in North American trading, closing at $1505 / ton, flat from the opening. Day K line closed a cross star, trading volume reduced 195 hands to 15191 hands, position increased by 8553 hands to 782000 hands, mainly long positions. The fundamentals of the outer plate are weak, superimposed overnight crude oil plunge, is expected to restrain the disk surface, need to continue to pay attention to the overseas epidemic, macro news release and Shanghai-London ratio changes. The daily operating range of aluminum is expected to be in the range of US $14801515 / ton.

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