[SMM aluminum brief review] the overall strength of colored noodles is not strong. Aluminum prices fell slightly today.

Published: May 22, 2020 16:07

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The overall strength of colored noodles is not strong. Aluminum prices fell slightly today.

SMM, May 22:

The morning jump of Shanghai Aluminum's main 2007 contract opened as low as 12840 yuan / ton. In the first trading stage, the shock fell back to the intraday low of 12730 yuan / ton, and in the second trading stage, the low rebounded all the way up, reaching 12835 yuan / ton. Due to the strong resistance of the 60-day moving average above, aluminum prices were difficult to continue to break through, and then softened to maintain a narrow range. The daily trading closed at 12790 yuan / ton, down 55 yuan / ton, down 0.43%. Trading volume decreased 38777 lots to 123000 lots, position increased 980 lots to 158000 lots, closed at Xiaoyang line, the center of gravity is below the 5-day moving average, and it is lower than yesterday, the daily MACD red line is shortened. Today, the two sessions announced good news related to tax cuts and fee cuts, but the non-ferrous disk has not yet received bullish signals, and the overall trend is not strong today. Superimposed aluminum prices are faced with expectations of weakening the marginal consumption of fundamentals, and do not continue to rise today. It is expected to continue to test the resistance at the Wansan pass above at night, and pay attention to the changes in market trading sentiment and the release of related macro news in the evening. (SMM Xu Man 021 Mel 51595898)

Evening news

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