SHFE 1707 Aluminum Falls Sharply (2017-6-6)  

SHANGHAI, Jun. 6 (SMM) –SHFE 1707 aluminum climbed to RMB 13,715/mt thanks to short covering after opening at RMB 13,680/mt on Tuesday, but then fell back to RMB 13,660/mt. The most active contract rallied to RMB 13,745/mt in the afternoon due to dip buying, but then followed LME aluminum down sharply before ending at RMB 13,675/mt. Trading volumes decreased to 157,218 lots, and positions decreased 9,426 lots to 190,834 lots. SHFE 1707 aluminum will hover at lows in the short term, with strong resistance at moving averages.