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[SMM Aluminium Morning News] recent monthly price differentials have led the rise in basic metals in Shanghai.
Apr 30,2020 08:31CST
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Source:Www.smm.cn
Recent month price difference leads Shanghai aluminum to lead gains in basic metals
The content below was translated by Tencent automatically for reference.

SMM, 30 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. 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 festival, is expected to run in the range of 12500-12800 yuan / ton today, spot in the month in the rise of 60-80 yuan / ton, need to continue to pay attention to long short risk aversion and marginal changes in demand.

Aluminum opened at $1504 a tonne on Wednesday morning. In the Asian session, Lun aluminum in 1510 US dollars / ton short horizontal trading, waiting for the domestic Shanghai aluminum opening immediately rose, the high rushed to 1515.5 US dollars / ton, then shock downward, as of the Asian close, Lun aluminum closed at 1506.5 US dollars / ton; Europe to North America trading stage, Lun aluminum maintained a narrow concussion trend, closed at $1504 / ton, daily K line closed a small cross star, trading volume reduced by 10344 to 4796 hands, position reduced by 294 to 815000 hands, mainly short positions. It is expected that without the obvious interference of macro news, Lun aluminum will still fluctuate around the 5 / 20 moving average, with an operating range of US $1500-1520 US dollars / ton, which requires continuous attention to the long short situation in the market.

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