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[SMM aluminum brief review] the trend of intra-day aluminum rises first and then suppresses the short-sellers to leave the market as the main period for the small rise of aluminum.
Jul 23,2020 16:27CST
translation
Source:SMM
The intra-day trend of aluminum rose slightly during the main period when the trend of aluminum rose first and then suppressed the short-sellers leaving the market.
The content below was translated by Tencent automatically for reference.

SMM, July 23:

The Shanghai Aluminum 2008 contract opened at 14375 yuan / ton in the morning, and the aluminum price reached an intraday high of 14480 yuan / ton in 20 minutes after the opening, and then the bulls made profits and reduced their positions. Aluminum futures fell and fell to 14340 yuan / ton at about 10:45 in the afternoon. In the afternoon, aluminum arranged and operated horizontally near the 5-day moving average, closing at 14395 yuan / ton at the end of the day, reducing its positions in 08 contract days by 3645 to 109583 hands, and the Shanghai Aluminum Index reduced its positions by 7544 to 379347 hands. The daily K closed at the positive line, and the center of gravity was the same as the 10-day moving average, an increase of 0.03%. Short positions were mainly reduced during the day. At present, the main contract of Shanghai Aluminum is still 08 contract, and it is in the phase of changing positions and changing months. The short positions are mainly reduced in the near future, and the aluminum back structure is continued. Fundamentals, low inventory superimposed the current spot liquidity is tight, aluminum futures prices below a certain degree of support, to maintain the early trend judgment unchanged.

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