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[brief Review of SMM Aluminium] some short sellers made a small correction in aluminum prices during the day when they left the market.
Jul 17,2020 17:58CST
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Source:SMM
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SMM, July 17:

The Shanghai Aluminum 2008 contract opened at 14145 yuan / ton in the morning, and the bulls opened to reduce their positions and left the market, partly giving up yesterday's night trading gains, closing at an intraday low of 14015 yuan / ton within half an hour of trading. After that, some bears made profits and closed their positions, and aluminum futures rebounded and reached an intraday high of 14165 yuan / ton at about 10:45 in the afternoon. Then many empty have left the market, aluminum futures to maintain the horizontal plate narrow concussion trend, the end of the day recorded Xiaoyang line, closed at 14155 yuan / ton. 08 contract day position decreased by 6471 to 122892 hands, the Shanghai Aluminum Index position decreased by 3862 to 395700 hands, the daily K closed at a barefoot positive line, an increase of 1.29%, the center of gravity is still below the 10-day moving average, mainly short positions during the day. Recent aluminum prices ushered in a larger decline, intra-day aluminum disk to short profits to reduce positions left mainly, aluminum prices have been adjusted back. From a fundamental point of view, the current electrolytic aluminum social inventory is still low, the recent decline in aluminum prices is relatively large, the holder is willing to give some support to aluminum prices, and the downward space for aluminum prices is limited. Aluminum prices are expected to fluctuate sideways in the evening, with uncertainty dependent. Continuous attention needs to be paid to the flow of funds in macro capital markets in the short term, as well as changes in multi-short sentiment.

Evening news

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