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[SMM Aluminum brief Review] loose funds encounter low inventory Shanghai Aluminum rose 2.47% in a single day.
Jul 13,2020 19:40CST
translation
Source:SMM
Easy funds encounter low inventory Shanghai Aluminum rose 2.47% in a single day.
The content below was translated by Tencent automatically for reference.

SMM, July 13:

Shanghai aluminum main 2008 contract opened at 14650 yuan / ton in the morning, opening 45 minutes of total short positions have been reduced, aluminum prices in the short term horizontal volatility. Around 10:00, bulls entered the market at more than 400 hands to strongly lift aluminum prices, and then bears leveled their positions and left, and aluminum prices went up all the way, breaking the pre-noon shock situation, recording three Lianyang at noon, and aluminum futures reached an intraday high of 14860 yuan / ton. Afternoon long game and lack of confidence, have reduced positions, aluminum prices in the vicinity of 14765 yuan / ton sideways shock, 30 minutes K-line at the end of the record of a cross star. The position in 08 contract day decreased by 15804 hands to 148900 hands, and the Shanghai Aluminum Index position decreased by 5690 hands to 422154 hands. The daily K closed at a long positive line, up 2.47%, recording the biggest increase in three months. It rose 355 yuan / ton in a single day and broke through the 14500 yuan / ton mark. The main purpose of the day is to reduce short positions. Under the premise that inventory warehouse receipts are low, spot supply is tight and aluminum prices are still strongly supported by fundamentals, bears are obviously lack of confidence today, and the upward logic of futures prices driven by spot prices remains unchanged. Continuous attention needs to be paid to the flow of multi-short funds and the impact of weaker fundamentals on the market.

(Shanghai Nonferrous net Liu Yangdong)

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