SMM, 22 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 today will run at 11950-12350 yuan / ton, and the spot will rise 40-60 yuan / ton that month. It is necessary to continue to pay attention to the changes in long-short sentiment and fundamentals.

On Tuesday, Lun aluminum opened at US $1501.5 / ton in the morning and went down all the way after the opening, closing at the end of the Asian session at US $1488 / ton. In European trading hours, there were long bargains and wide shocks in the long-short game. North American trading session rose slightly, closing at $1490 / ton, down $15 / ton, down 1.00%, trading volume decreased 1817 hands to 13374 hands, position increased by 871 hands to 783000 hands, mainly short positions. The day K line receives a small negative line, and the MACD red column is shortened. Lun aluminum followed the outer plate color fell, crude oil plummeted to form a certain impact on the disk, superimposed aluminum itself demand is weak, the price fell more smoothly within the day. It is expected that the resistance level of US $1500 / ton above Lun aluminum is difficult to break today, and the range is running at US $1475-1500 / t. It is necessary to continue to pay attention to the trend of crude oil prices and the repair of Shanghai-aluminum ratio.

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