SHANGHAI, Jul. 18 (SMM) – Today the most active SHFE 1109 aluminum contract prices opened slightly higher at RMB 17,535/mt. During the day, after the longs gained confidence, SHFE 1109 aluminum contract prices surged and hit 17,720/mt, a recent new high. Total positions of SHFE 1109 aluminum contracts decreased by 1,890 lots. Meanwhile, positions of SHFE 1110 aluminum contracts hugely increased by 23,566 lots, indicating position holders were actively moving their contracts. Finally closed price for SHFE 1109 aluminum contracts was RMB 17,695/mt, up RMB 180/mt or 1.03% from previous trading day. With strong support from the longs, aluminum led SHFE metals to gain during the day. As market players were confident towards RMB 18,000/mt, market transactions hugely increased. SMM expects SHFE 1110 aluminum contracts will become the most active and test RMB 17,800/mt on July 19.
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