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[SMM aluminum brief review] the intra-day trend of aluminum first rises and then suppresses the completion of the main contract to change the month.
Jul 27,2020 17:55CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 27th:

Shanghai Aluminum 2008 contract opened at 14365 yuan / ton in the morning, opening short positions, aluminum futures pulled up to open an upward trend, and then the bulls entered continuously. Although some bulls left the market at a profit, aluminum futures rose continuously to around 11:15 at noon, recording an intraday high of 14515 yuan / ton. In the afternoon, bulls made a profit to reduce their positions and left the market, and the aluminum price fell, and fell to around 14435 yuan / ton at about 14:00, then the short positions were reduced, and the aluminum futures stopped falling sideways, closing at 14440 yuan / ton at the end of the day. The position in 08 contract day decreased by 4692 to 99005, and the position in Shanghai Aluminum Index increased by 895 to 377445. The daily K closed in Yang, with the center of gravity above the 5-day moving average, an increase of 0.24%, mainly due to short positions during the day. Shanghai Aluminum 09 contract current position of 99722 hands, since then the main contract to complete the change of months. From a fundamental point of view, SMM to maintain the early aluminum price trend judgment unchanged, under the condition of low inventory, the current structure is stable, aluminum prices are supported.

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