Home / Metal News / Aluminium / [brief Review of SMM Aluminum] A lot of positions were reduced within days, and Shanghai Aluminum showed a high pullback.
[brief Review of SMM Aluminum] A lot of positions were reduced within days, and Shanghai Aluminum showed a high pullback.
Jul 7,2020 18:05CST
translation
Source:SMM
The bulls in the day occupy the initiative in the market, and the spot drives the futures logic to continue.
The content below was translated by Tencent automatically for reference.

SMM, July 7:

Shanghai aluminum main 2008 contract opened at 14175 yuan / ton in the morning, opening long positions mainly, aluminum prices continue the downward trend at the end of the night. At about 10:00 in the afternoon, although some bulls entered the venue to try to raise prices, about half an hour later, bears entered more than 300 hands to give downside signals, and then bulls hurriedly left the market, and aluminum prices fell all the way to an intraday low of 14005 yuan / ton. At 14:00 in the afternoon, the short side left the market at a profit, and the aluminum futures price was slightly repaired. it closed at a small Yin line at the end of the day, and the closing price was 14055 yuan / ton. 08 contract day position decreased by 2769 to 163969 hands, the Shanghai Aluminum Index position decreased by 5463 to 428857 hands, the daily K line closed a small negative line, the center of gravity is still above the 5-day moving average, down 65 yuan / ton, or 0.46%, mainly by bulls. On the whole, Shanghai Aluminum has a high correction today, but the warehouse receipt is still relatively low, giving strong support to futures prices in recent months, which is expected to be dominated by strong shocks at night, so we need to continue to pay attention to the changes in internal and external ratios and price spreads in recent months.

Evening news

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn