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[brief Review of SMM Aluminium] the price of aluminum in the main futures with bulls increasing positions within days continues the upward trend.
Jul 10,2020 17:34CST
translation
Source:SMM
Short confidence is obviously insufficient, aluminum recorded a big increase in the day.
The content below was translated by Tencent automatically for reference.

SMM, July 10:

The main 2008 contract of Shanghai Aluminum opened at 14240 yuan / ton in the morning, and the bulls entered and strongly raised the aluminum price in the morning, and then recorded an intra-day high of 14465 yuan / ton at noon, and mainly left the market at a profit in the afternoon. Aluminum prices fell slightly and arranged horizontally at a high of about 14405 yuan / ton. A small Yin line was recorded at the end of the session, which closed at 14375 yuan / ton. The position in 08 contract day increased by 2482 to 164704, while the position in Shanghai Aluminum Index decreased by 1601 to 427844. K closed at a long positive line, up 0.59%, or 85 yuan / ton, mainly by bulls. In the 2007 contract day of that month, the short positions of Shanghai Aluminum Corporation continuously reduced more than 4, 000 positions to close at 14815 yuan / ton, up 270 yuan / ton, and the monthly price difference widened to 440 yuan / ton. From a fundamental point of view, electrolytic aluminum continues to go to the warehouse, and the order volume of the last period is also in an absolute position, superimposed on the tight supply of aluminum ingots in the current spot market, high confidence in many parties, and the upward trend of Shanghai aluminum prices in the daytime. Aluminum prices are expected to adjust slightly at night, but the overall situation will remain strong and volatile.

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