SMM, 24 April:
On Thursday, the 2006 contract of the Shanghai Aluminum Company was opened as high as 12265 yuan per ton in the morning. At the beginning of the session, the bulls continuously increased their positions, the disk rushed up to 12370 yuan / ton, and then empty into Duoping, the main even price fell back from the high level, giving up the initial increase, closing at 12245 yuan / ton, up 50 yuan / ton from the previous day's close, up 0.41%, the trading volume decreased by 23696 hands to 93094 hands, and the position increased by 999 hands to 129000 hands, mainly by long positions. Today's close of 2005-2006 contract spread remained at 70 yuan / ton. Fundamentals, the spot is still strong, SMM statistics of domestic electrolytic aluminum social inventory weekly decline of 136000 tons, the decline is an all-time high, the consumer end of the aluminum price can still form a strong support, but the upper 12500 yuan / ton pressure position is also difficult to break through. Today's aluminum price range is expected to run at 1205012450 yuan / ton, spot to the current month in the rise of 40-60 yuan / ton. Continuous attention needs to be paid to changes in contract spreads and long short sentiment in recent months.
Aluminum opened at $1520 a tonne on Thursday morning. In the Asian session, Lun aluminum maintained an overnight rally, rising to $1530 / ton, but the top of the lack of power, the disk fell back slightly, as of 15:00 Beijing time, Lun aluminum closed at $1522 / ton. Into the European session, Lun aluminum followed the outer plate metal quickly, the hour line pulled out a big negative line, low to $1503 / ton; in European trading, Lun aluminum rebounded slightly to close at $1510 / ton, down $10 / ton, down 0.66%. The number of positions increased by 745 to 783000, mainly by short positions. The intra-day shock is expected to run at $14801520 per tonne, making it difficult to break away from the 5-10-20 daily moving average group. We need to keep an eye on the release of overseas macro news.
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