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[SMM Aluminum Morning News] Hulun Aluminum slightly rebounded fundamentals to form a good support
Apr 29,2020 09:01CST
Hulun aluminum slightly rebounded fundamentals to form a good support
The content below was translated by Tencent automatically for reference.

SMM, 29 April:

On Tuesday, the Shanghai aluminum main company 2006 contract opened in the morning at 12370 yuan / ton, after the opening of the long continuous increase in positions, the market steadily rose to 12510 yuan / ton, followed by a brief correction, tail short hedge positions, closed at 12485 yuan / ton, up 75 yuan / ton, up 0.6%, trading volume increased 6961 hands to 88978 hands, position reduced 1269 hands to 124000 hands, mainly short positions. The Japanese K line receives a large positive line. The inner plate basic metal but aluminum alone red, the fundamental demand is good forms the strong support, the spot rises the water to maintain the high level before the festival, Guangdong and Shanghai price difference is around 260 yuan / ton. Today, the Shanghai aluminum company has broken the resistance level of 12500 yuan / ton, and is expected to try to stand on that position today, with an operating range of 12300-12600 yuan / ton. Need to continue to pay attention to the downstream warehouse action on the demand side of the impact, the spot in the current month in the rise of 60-80 yuan / ton.

Tuesday morning aluminum opened at $1508 / ton, after the opening of aluminum steadily rose, high to $1517 / ton, the second half of the Asian plate Lun aluminum high fell back, the end of the sub-session closed at $1510 / ton; Entering the European trading session, Lun aluminum continued to decline, low hit $1500 / ton after a small rebound, as of 18:10 Beijing time, Lun aluminum closed at $1506.5 / ton, up $9.50 / ton from the opening of the day, up 0.63%, trading volume decreased 13658 hands to 1481 hands, 816000 positions, mainly short positions. Lun aluminum narrow shock pattern is difficult to change, is expected to run in today's range of 14901530 US dollars / ton, need to continue to pay attention to the position situation and overseas macro news release.

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