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[brief Review of SMM Aluminum] in the next few days, many heads will avoid risks and leave Shanghai Aluminum Night Market, which may usher in a small pullback.
Jul 24,2020 17:29CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 24th:

Shanghai Aluminum 2008 contract opened at 14495 yuan / ton in the morning, opening long positions and leaving mainly, aluminum prices all the way down, falling to 14390 yuan / ton at about 10:10 in the afternoon. At noon, some short positions made a profit and left the market, while aluminum prices were slightly arranged horizontally. Within an hour in the afternoon, mainly long positions left, aluminum futures fell and recorded an intraday low of 14305 yuan / ton at about 13:55. After that, the short positions made a profit, and the aluminum price rebounded. A small Yin line was recorded at the end of the day, and the closing price was 14405 yuan / ton. 08 contract day position decreased by 5886 to 103697 hands, the Shanghai Aluminum Index position decreased by 2797 to 376550 hands, the daily K closed at the cross star, the center of gravity broke through the 10-day moving average, there was a certain amount of reduction in long and short positions during the day, with a large amplitude. Recent tensions between China and the United States have escalated, there is a slight lack of short confidence, stock index futures are affected, Shanghai aluminum night market may usher in a small correction, the future needs to continue to pay attention to changes in the situation. From a fundamental point of view, there is no obvious accumulation of social inventory, downstream demand is OK, the current spot price-driven futures price logic remains unchanged, short-term aluminum prices are still supported. The month-changing time of the main force is approaching, so we need to pay close attention to the change of the price difference between far and near months.

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