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[brief Review of SMM Aluminum] A slight decline in the price of the main force of Shanghai aluminum when the bulls left the market in the next few days.
Jul 15,2020 17:08CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 15:

Today is the last trading day of the Shanghai Aluminium 2007 contract. Today, the Shanghai Aluminium 2007 contract closed at 14665 yuan / ton, with a settlement price of 14785 yuan / ton, 9085 positions and 45425 tons of delivery.

The main 2008 contract of Shanghai Aluminum opened at 14465 yuan / ton in the morning. After the opening, a small number of bulls entered the market to test the aluminum price, and then quickly left the market. The aluminum futures price in the morning continued the trend of horizontal volatility in yesterday's night trading, fluctuating in a narrow range of about 14470 yuan / ton. Half an hour in the afternoon some short positions, aluminum prices ushered in a wave of rise, recorded a day high of 14560 yuan / ton, and then by the short high sniper, aluminum prices down to give up the rise, at the end of the session bulls hurriedly left, Shanghai aluminum 15 minutes K line closed at a negative line, closing price of 14475 yuan / ton. 08 contract day position decreased by 4354 to 137782 hands, the Shanghai Aluminum Index position decreased by 8497 to 406652 hands, the daily K closed at a small Yin line, down 0.07%, the decline was slower than yesterday, the center of gravity was close to the 5-day moving average, mainly long positions during the day. Bulls reduced positions for two consecutive days, aluminum futures prices further slightly down, the current electrolytic aluminum social inventory is still low, spot supply tension gives aluminum price support, spot-driven futures price logic remains unchanged. At the same time, the recent sharp fluctuations in disk prices and the reduction of positions over the past three days reflect the current lack of confidence on both sides of the long and short positions, and a high degree of vigilance for the current aluminum prices, and we still need to pay attention to the changes in disk capital flows in the future. and the appearance of bearish signals in the follow-up fundamentals. Cymbal

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