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[brief Review of SMM Aluminum Futures] the bulls occupy the initiative in the market, and the spot drives the logical continuation of futures.
Jul 6,2020 17:51CST
translation
Source:SMM
When the price difference widened the next month, Shanghai aluminum mainly fluctuated on the strong side.
The content below was translated by Tencent automatically for reference.

SMM, July 6:

The main 2008 contract of Shanghai Aluminum opened at 14055 yuan / ton in the morning, opening 15 minutes, the total long positions strongly increased more than 700 hand-held aluminum prices to a pre-afternoon high of 14105 yuan / ton, and then some bulls made a profit to reduce their positions, aluminum prices fell and fluctuated in the range of 14080 yuan / ton prices. In the afternoon, many parties entered the market again to raise the aluminum price, reaching a intraday high of 14155 yuan / ton. After the high sniper from the short side, aluminum prices stopped rising but fell, some bulls left the market, and aluminum prices gave up their afternoon gains. At the end of the session, the empty side was afraid of high and left the court cautiously, and aluminum futures recorded two consecutive days, closing at 14125 yuan / ton. 08 contract day position reduced 1451 to 166738 hands, Shanghai aluminum index position reduced 5551 to 434320 hands, daily K line closed a small positive line, below the 5-day moving average support is strong, up 70 yuan / ton, up 0.5%, mainly short positions. On the whole, the bulls still occupy the initiative in the market, the current warehouse receipt inventory remains low, the social inventory continues to go to the warehouse, the spot-driven futures logic continues, and when the price spread may further widen the next month, it is necessary to continue to pay attention to the change of long short sentiment.

 

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