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[SMM aluminum brief review] long-short confidence is less than a small pullback within the day.
Jul 2,2020 18:42CST
translation
Source:SMM
Long-short confidence is less than a small pullback within the day.
The content below was translated by Tencent automatically for reference.

SMM, July 2:

The main 2008 contract of Shanghai Aluminum opened at 13995 yuan / ton in the morning. After the bulls increased their positions within 5 minutes, they were attacked by short sellers, and aluminum prices once fell to 13980 yuan / ton. After a short game of long and short, the bears left the market, and the bulls took the initiative, and the aluminum price reached an intraday high of 14030 yuan / ton before noon. At noon, long positions reduced more than 1400 hands to drive aluminum prices down, and after short sellers entered the market, Shanghai aluminum prices fell to an intraday low of 13920 yuan / ton. In the afternoon, the lack of confidence in long and short positions were reduced one after another, closing at 13965 yuan / ton at the end of the day. The daily position decreased by 2477 to 168361, while the Shanghai Aluminum Index reduced its position by 1469 to 446696. Recently, the spot supply of electrolytic aluminum is tight, taking into account the weakening signals of the fundamentals such as the weakening of new orders in the downstream aluminum processing industry, there is a lack of confidence between the long and short sides today, and they are relatively cautious. Some of them took refuge and left the scene. It is expected that the night is still dominated by strong shocks, and the space for upward and downward movements is relatively limited.

(SMM Li Hao 021Mui 5166 6863)

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