SHFE Aluminum Rebounds after Initial Loss (2016-3-30)

SHANGHAI, Mar. 30 (SMM) – SHFE 1605 aluminum opened at RMB 11,760/mt on Wednesday. Exit of longs sent the most active contract down to RMB 11,710/mt, but prices then rebounded on short covering before ending down RMB 70/mt at RMB 11,740/mt. Trading volumes were down 75,660 lots to 107,466 lots, and positions were down 11,414 to 199,590. Technically, the most active contract should test support at the 5-day moving average.