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[brief Review of SMM Aluminum] it is necessary to be vigilant against international emergencies to continue the horizontal trend of aluminum within the day.
Jul 22,2020 17:06CST
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 22nd:

The Shanghai Aluminum 2008 contract opened at 14400 yuan / ton in the morning, and the aluminum price during the 45-minute long reduction period fell slightly to an intraday low of 14350 yuan / ton, followed by a correction in aluminum prices, and recorded an intraday high of 14450 yuan / ton at about 11:15 in the afternoon. Afternoon aluminum prices are mainly horizontal finishing, closing at 14390 yuan / ton at the end of the day. 08 contract day position decreased by 3935 to 113228 hands, the Shanghai Aluminum Index position decreased by 12117 to 386891 hands, the daily K closed at a small positive line, an increase of 1.02%, the center of gravity broke through the 10-day moving average, the day is still dominated by short positions. Overall trend, intra-day aluminum prices continue the trend of narrow horizontal market volatility after yesterday's sharp rise. Fundamentals, the current electrolytic aluminum downstream demand is OK, social inventory rebounded slightly, but warehouse receipt inventory is still low. Overall, electrolytic aluminum prices are still supported by fundamentals, and aluminum prices are expected to maintain a stable trend in the short term in the future. Macro aspect: the tension between China and the United States has escalated today, so we need to pay attention to the impact of this incident on the mood of the capital market, and guard against the sharp fluctuations in the capital market caused by changes in sentiment in the capital market.

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