SHFE Aluminum Falls as Bulls Exit (Sept. 10, 2015)

SHANGHAI, Sept. 10 (SMM) – SHFE 1511 aluminum opened at RMB 12,025/mt on Thursday. The most active contract dipped to RMB 11,950/mt, but did find strong support at the 5-day moving average. In the afternoon, the contract broke through the 40-day moving average, and ended down RMB 50/mt at RMB 12,010/mt. Trading volumes were down 17,442 lots to 37,326 lots, and positions were down 598 lots to 118,000 lots. The contract should struggle around RMB 12,000/mt while looking for direction.