SHFE Aluminum Closes Higher (2016-10-26)

SHANGHAI, Oct. 26 (SMM) – On Tuesday’s night trading, SHFE 1612 aluminum started at RMB 13,390/mt and advanced to its daily upward limit. The contract gave up most previous gains with positions closing by longs and finally closed at RMB 13,575/mt.

On Wednesday, SHFE 1612 aluminum opened at RMB 13,570/mt and rose slightly to RMB 13,745/mt. And the contract later fell with entry of shorts and ended at RMB 13,620/mt. Trading volumes reduced to 543,864 lots and positions dropped 16,622 to 207,904. SHFE 1612 aluminum failed to hold onto its daily upward limit on Tuesday’s night trading, indicating strong caution.

Market players are expected to take wait-and-see stance and SHFE 1612 aluminum is expected to hover at highs for the short term.