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[brief Review of Aluminum in SMM period] strong fundamentals support the main short to avoid risk and reduce positions
Apr 30,2020 16:32CST
translation
Source:SMM
The fundamentals are strong to support the main short to avoid risks and reduce positions.
The content below was translated by Tencent automatically for reference.

SMM, 30 April:

On Thursday, the main Shanghai aluminum company opened at 12610 yuan / ton in the morning. After the opening, the bulls continuously reduced their positions in the main contract by nearly 7, 000 yuan. In the afternoon, the price difference of 0506 contract once widened to 220 yuan / ton. At the end of the day, the price spread of the 0506 contract widened to 220 yuan / ton. The short end of the market reduced more than 2600 hands, and the hourly line pulled a Changyang line, closing at 12660 yuan / tonne. Compared with the close of the previous day, the trading volume was reduced by 23539 hands to 73611 hands, and the short unilateral position was reduced by 9585 hands to 107000 hands. The main reason is to reduce short positions. Before the end of the day, the bulls moved their positions one after another to the 2007-2011 contract, and they were more emotional about the price trend after the festival. Fundamentals, SMM statistics of domestic electrolytic aluminum social inventory 1.204 million tons, weekly decline of 155000 tons, re-record high, smelter shipments less superimposed demand to maintain, resulting in the spot market to maintain a relatively strong water level, in recent months back structure further expanded. It is expected that on the first trading day after the return of May Day, aluminum prices will remain high under the support of fundamentals, with an operating range of 12500-12800 yuan / ton.

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