SMM, 15 October:
Shanghai aluminum main force 1912 contract completed the exchange month. Opened in the morning at 13750 yuan / ton, after the opening of a small number of short entrants to continue to suppress aluminum prices, Shanghai aluminum low touched 13755 yuan / ton. After the short closed out, some of the bulls took advantage of the momentum to pursue, Shanghai aluminum to maintain shock upward repair the day before the decline. Intraday several times touched a high of 13790 yuan / ton, afternoon short entry, short more profit-taking, Shanghai aluminum closed at 13765 yuan / ton. Positions increased by 3156 to 223790, while Shanghai Aluminum Index positions fell 10370 to 660214. Of these, the turnover of 1912 contracts decreased by 6832 to 93580 to more than 1911 contracts completed by the main force of the month. Today, the day before delivery, the contract position of about 1910 decreased by 9630 to 18050 in the recent month, with a settlement price of $13760 / tonne. In terms of fundamentals, Shanghai Aluminum still maintains a stable consumption at this stage and expects the pattern of increased supply pressure. In this context, due to the continued removal of storage and the resumption of electrolytic aluminum production capacity, short stage profits closed, Shanghai aluminum stopped falling. It is expected that the consumption will be stable during the week, the going to the warehouse will continue, and the downward momentum of Shanghai aluminum will be weakened.
(SMM Yiliang 021-20707892)
