[SMM Aluminum Morning News] yesterday, Lunlun Aluminium reduced its position by more than 10,000 hands and is expected to have a significant upward momentum in the short term.

SMM, 17 October 2019:

Every other night, the Shanghai aluminum main company 1912 contract opened at 13825 yuan / ton, the upper pressure level 13840 yuan / ton first line is more obvious, aluminum price is difficult to break through, then the high soft fell back to 13810 yuan / ton line hovering slightly, and then at night there was no obvious upward trend, mainly interval concussion, part of the long position at the end of the day, aluminum price down 13815 yuan / ton, position increased by 1558 hands to 239000 hands, trading volume reduced by 69548 to 26712 hands, closed in the small shade line, the end of the night did not appear obvious upward trend, the tail part of the long position was reduced by 13815 yuan / ton, the position increased by 1558 hands to 239000 hands, the transaction volume decreased by 69548 hands to 26712 hands, and closed on the small shade line. The center of gravity leapt below the 5-day moving average, still located in the Brin channel under the rail interval, up 15 yuan / ton, up 0.11%, due to the upper 10 / 40 day resistance, is expected to run between 13750-13900 yuan / ton, spot discount between 30-70 yuan / ton. no, no, no.

Overnight aluminum Kaiping at $1726.5 / tonne, Asian trading session first rose $1732 / tonne intraday high, and then fell all the moving averages, all the way down, and hit an intraday low of $1714 / tonne after entering the European market, and climbed all the way up to $1728.5 / tonne, closing at $1727.5 / tonne, down $2 / tonne, or 0.12%, closing at the small positive line. The center of gravity is basically flat compared with the previous day, trading volume is reduced by 1364 hands to 9401 hands, position volume is reduced by 12108 hands to 748000 hands, the reduction volume is large and mainly long positions, it can be seen that the confidence of the long head is still insufficient, in foreign countries, there is no large number of aluminum plant production related news superimposed LME aluminum metal still maintain a high background, it is expected that there will be a significant upward momentum in the short term. The overnight US index is lower and the metal is expected to receive a partial boost, with aluminium prices running between $1710 and $1740 a tonne.

(SMM Xueman)