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[brief Review of Aluminum in SMM period] the collapse of crude oil suppresses the basic metal Shanghai aluminum, which is mainly reduced by long positions within a day.
Apr 21,2020 18:12CST
translation
Source:SMM
The collapse of crude oil suppresses the basic metal Shanghai aluminum, which is mainly reduced by long positions within a day.
The content below was translated by Tencent automatically for reference.

SMM, 21 April:

On Tuesday, the 2006 contract of the Shanghai Aluminum Company opened at 12290 yuan per ton in the morning. Before noon, the bulls continuously reduced their positions by nearly 4, 000 hands, and the disk quickly leaked; in the afternoon, the opening bears waited for an opportunity to enter the market, and the hourly line quickly pulled down a long shadow line to 12005 yuan / ton. at the end of the day, the bulls continued to reduce their positions, closing at 12105 yuan / ton, down RMB235 / ton, or 1.9 per cent, from the previous day's close. Day K line closed a negative line, trading volume increased by 10120 hands to 139000 hands, position reduced by 4054 hands to 127000 hands, mainly long positions. Intra-day non-ferrous oil plunge affected by the overall decline, Shanghai aluminum is also subject to fluctuations, the main force back to give up the previous two days of gains. In terms of fundamentals, the cost side has stabilized, the supply side has not changed more, the spot on the demand side is still strong, the futures will remain rising, and the back structure of the contract will be maintained in recent months. In the case of domestic demand repair, the lower 10-day moving average position is expected to form a certain support in the short term. It is expected that the Shanghai aluminum main concussion will run at 11950-12350 yuan / ton tomorrow, so it is necessary to pay continuous attention to the changes of long short mood and fundamentals.

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