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[SMM aluminum brief review] intra-day aluminum prices continue horizontal volatility trend fundamentals support expected short-term downside space is limited
Jul 21,2020 16:41CST
translation
Source:SMM
The intra-day aluminum price continues the horizontal volatility trend and the fundamental support is expected to be limited in the short term.
The content below was translated by Tencent automatically for reference.

SMM, July 21:

The Shanghai Aluminum 2008 contract opened at 14250 yuan / ton in the morning, and the opening price continued the downward trend of night volatility, recording an intraday low of 14185 yuan / ton at about 10:10 before noon. Midday aluminum gave up some of the gains, mainly horizontal concussion. In the afternoon, the bulls increased their positions by more than 165hands, and the futures aluminum price reached an intraday high of 14285 yuan / ton. then some bulls reduced their positions and left the market, and some bears hurriedly reduced their positions and left the market at the end of the day. Aluminum futures closed on a positive line, and the closing price was 14245 yuan / ton. 08 contract day position decreased by 3034 to 117163 hands, the Shanghai Aluminum Index position increased by 586 hands to 399008 hands, the daily K closed at a narrow positive line, up 15 yuan / ton, the center of gravity is almost the same as the 5-day moving average, mainly short positions during the day. On the whole, the short game is more intense in the past two days, and Shanghai aluminum prices maintain a horizontal volatility trend. From a fundamental point of view, low inventory, tight supply still gives electrolytic aluminum price support logic unchanged, the current aluminum price support level to 14000 yuan / ton, the downward space is limited. Aluminum prices in the evening are expected to continue the current horizontal volatility trend.

Evening news

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