SMM, July 20:
The main 08 contract of Shanghai Aluminum opened at 14270 yuan / ton in the morning, the bulls reduced their positions within 10 minutes of the opening to release a downward signal, and then the bears took advantage of the opportunity to increase their positions, and aluminum prices fell to an intraday low of 14185 yuan / ton. After that, some short sellers made profits and left the market, and within half an hour, the price of Shanghai aluminum reached an intraday high of 14335 yuan / ton. Shanghai Aluminum Company immediately began to shock downward after reaching a high level, and reached a low of 14185 yuan / ton again at about 11:25 in the afternoon. Within five minutes in the afternoon, short positions were reduced by about 40 hands. Aluminum prices rebounded and recovered part of the decline. In the later period, aluminum prices fluctuated downwards in a narrow range, and closed at 14230 yuan / ton at the end of the day. 08 contract day position decreased by 2695 to 120197 hands, the Shanghai Aluminum Index position increased by 2722 to 398422 hands, the daily K closed at a positive line, a small increase of 0.64%, the center of gravity is still below the 5-day moving average, mainly short positions during the day. From a fundamental point of view, the current warehouse receipt inventory is low, spot supply is tight and other factors still give some support to aluminum prices, aluminum futures prices recorded two consecutive positive, re-tend to fundamental rationality, it is expected that short-term aluminum prices are still strong shock trend, and spot prices drive futures price logic unchanged. In the future, we need to pay continuous attention to the changes in fundamental demand and the flow of funds in the capital market.