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[SMM Aluminium Morning News] the slight rebound of Hulun Aluminium is dominated by long positions.
Apr 28,2020 09:26CST
The slight rebound of Hulun aluminum is mainly based on the increase of long positions.
The content below was translated by Tencent automatically for reference.

SMM, 28 April:

On Monday, the 2006 contract of the Shanghai Aluminum Company opened at 12420 yuan per ton in the morning. After the opening of the session, the disk quickly drilled down to the lowest level of 12335 yuan / ton in the day, and then the bulls increased their positions one after another, repaired the initial decline in the session, reduced the short positions at the end of the session by more than 2000 hands, and the price rose slightly again to a high level of 12440 yuan / ton, closing at 12410 yuan / ton, up 125 yuan / ton from the previous day's close, up 1.02%, the trading volume increased by 7962 hands to 82017 hands, and the long unilateral position increased by 1306 hands to 125000 hands. The main reason is to increase the position of multi-head. Within days, Yunnan and Gansu commercial storage news continued to stimulate the market, but still need to continue to pay attention to the actual strength, in addition to fundamentals, SMM statistics of domestic electrolytic aluminum social inventory fell another 76000 tons to 1.283 million tons compared with the previous Thursday, the storage cycle stably continued, the disk also formed a strong support, the demand side is expected to maintain, today's Shanghai aluminum main concussion run at 12150-12500 yuan / ton.

Monday morning aluminum opened at $1511 a tonne. At the beginning of the session, it rose sharply, with a high of $1523 / ton, and a narrow shock of $1510 / ton in the second half of the Asian session. As of the close of the Asian market, Lun Aluminium closed at $1516 / ton. Entering the European trading session, Lun aluminum hit a low of $1502.5 / ton, while North American trading rebounded slightly to close at $1515 / ton, up $8 / ton, or 0.53%. Trading volume decreased by 8413 hands to 1169 hands, positions increased by 7949 hands to 805000 hands, mainly long positions. Geneva aluminum ups and downs still follow Shanghai aluminum, weak fundamentals led to Lun aluminum above the resistance level of 1530 US dollars / ton, is expected to run within a narrow range of 1500-1530 US dollars / ton.

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