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[SMM aluminum brief review] within the day, bulls increased their positions in the main futures aluminum prices recorded a large increase.
Jul 29,2020 18:24CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 29th:

Shanghai Aluminum's main 2009 contract opened at 14500 yuan / ton in the morning, 10-minute K-line observation, aluminum horizontal trading slightly fluctuated in the opening period, and fell slightly to the intraday low of 14405 yuan / ton at about 10:45 in the afternoon, and aluminum showed a small upward trend in the later period. at about 14:25 in the afternoon, the intraday high of 14555 yuan / ton was recorded and finished horizontally after recording an intraday high of 14555 yuan / ton, and closed slightly at 14505 yuan / ton at the end of the day. 09 contract day position increased by 15742 to 124087 hands, Shanghai Aluminum Index position increased by 10638 to 384796 hands, K closed in Yang, up 1.22%, futures main contract soon after the change of months, mainly to long positions into the market to pull aluminum prices. The import window of aluminum ingots can be maintained for some time, and the export of electrolytic aluminum inventory is restrained by imports, resulting in a small change in the current inventory level, but it is still at a low level of less than 700000 tons. The logic of low inventory price has not changed, and the trend of aluminum futures is still strong.

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