[SMM aluminum brief review] intra-day aluminum price pullback when the price gap narrowed rapidly the following month

SMM, July 14:

The main 2008 contract of Shanghai Aluminum opened at 14700 yuan / ton in the morning, and the short sellers entered the market in the first 15 minutes. Aluminum prices began to leak, and with some bulls leaving the market in an emergency, aluminum prices fell to an intraday low of 14465 yuan / ton. After that, taking short profits to reduce positions and leaving the market, aluminum prices rebounded slightly and recorded an intraday high of 14600 yuan / ton at about 11:25 in the afternoon. The short sellers entered strongly again in the afternoon, and the aluminum price fell back to a low of 14465 yuan / ton again, followed by a slight lack of long and short confidence and reduced positions one after another. aluminum futures prices were mainly narrow and closed at 14485 yuan / ton at the end of the day. 08 contract day position decreased by 6764 to 142136 hands, the Shanghai Aluminum Index position decreased by 7005 to 415149 hands, the daily K closed at a long negative line, down 1.66%, giving up some of yesterday's gains, mainly long positions during the day. On the whole, the electrolytic aluminum price is still supported by fundamentals, and the upward logic of the spot-driven futures price remains unchanged, the contract delivery is approaching, when the difference between the next month narrows rapidly, and the spot price is narrowed compared with the rising water of the contract in that month. We need to pay attention to the changes in the fundamentals of the spot market and the flow of multi-short funds.