SHFE 1610 Aluminum Rebounds from Low (2016-9-1)

SHANGHAI, Sept. 1 (SMM) – On Wednesday’s night trading, SHFE 1610 aluminum rose to RMB 12,2755/mt due to long buying after opening at RMB 12,195/mt. But prices then fell back owing to profit-taking by longs and ended at RMB 12,230/mt.

On Thursday, SHFE 1611 shifted to the most active contract. The contract started at RMB 12,130/mt and dived to RMB 12,055/mt with shorts taking the upper hand. The price later challenged the 60-day moving average and closed at RMB 12,110/mt. Trading volumes were up by 111,074 to 83,166 lots, and positions were up 7,194 to 160,242. SHFE 1611 aluminum will struggle around RMB 12,000/mt in the near future.