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[brief Review of Aluminum in SMM] back Price spread in recent months leads Shanghai Aluminum to lead gains in basic Metals
Apr 29,2020 17:16CST
translation
Source:SMM
Back spreads in recent months lead Shanghai Aluminum to lead gains in basic Metals
The content below was translated by Tencent automatically for reference.

SMM, 29 April:

Shanghai aluminum main company 2006 contract opened in the morning at 12500 yuan / ton, after the opening more into the empty, the price rose 12700 yuan / ton; afternoon opening long profit-taking, a small correction, the end of the short to leave the market, the final closing price of 12585 yuan / ton, up 0.8%, trading volume increased 8172 hands to 97150 hands, unilateral position reduced 7549 hands to 116000 hands, mainly short positions. Day K line to close an inverted hammer Yang line, the top touch high 60-day moving average. Intraday 05-06 contract spread expanded to 180 yuan / ton, supported by strong fundamental demand, Shanghai aluminum led the rise in other basic metals, back structure has been further consolidated in recent months. Shanghai aluminum will maintain a strong shock before the material festival, and the operating range will be 12500-12700 yuan / ton tomorrow. There is a need to keep an eye on long-short risk aversion and marginal changes in demand.

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