SHFE 1708 Aluminum Ends with Declines (2017-6-13)

SHANGHAI, Jun. 13 (SMM) –SHFE 1708 aluminum opened at RMB 13,725/mt on Tuesday, and failed in many attempts to break through the 10-day moving average. The contract rose to RMB 13,795/mt, but then fell back due to declines in other base metals and poor market fundamentals, ending down RMB 60/mt or 0.44% at RMB 13,705/mt. Trading volumes decreased 62,678 lots to 143,000 lots, and positions increased 7,134 lots to 240,000 lots. Positions of all SHFE aluminum contracts were down 1,334 lots to 589,000 lots. Longs pulled out due to a lack of positive news, pushing SHFE 1708 aluminum down below the 5-day moving average.