Home / Metal News / Aluminium / [brief Review of SMM Aluminum Futures] the volatility of future aluminum prices is dominated by bulls increasing positions in the upside.
[brief Review of SMM Aluminum Futures] the volatility of future aluminum prices is dominated by bulls increasing positions in the upside.
Jul 28,2020 17:37CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 28th:

The main 2009 contract of Shanghai Aluminum opened at 14270 yuan / ton in the morning, and the bulls increased their positions and strongly raised the aluminum price within 30 minutes of trading, reaching an intraday high of 14400 yuan / ton. after that, the game intensified one after another, and aluminum prices maintained a horizontal trend until noon. Afternoon aluminum prices first depressed and then rose, reached an intraday low of 14250 yuan / ton and then rebounded, closing at 14330 yuan / ton at the end of the day. The position in the 09 contract day increased by 8623 to 108345, while the position in the Shanghai Aluminum Index decreased by 3287 to 374158. The daily K closed at a barefoot positive line, with the center of gravity above the 5-day moving average, an increase of 0.77%. Most of the positions were increased by bulls during the day. In the macro aspect, the continuous decline of the US dollar index has led to a general rise in the outer disk metal. Considering the current situation of loose domestic liquidity, the domestic basic metal price has risen more obviously. From a fundamental point of view, the current demand for electrolytic aluminum is OK, inventory remains low, and the fundamentals of electrolytic aluminum remain unchanged. It is expected that the trend of Shanghai aluminum price is still strong in the short term.

Evening news

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn