SHANGHAI, Jul. 21st (SMM) – Most active SHFE 1110 aluminum contract prices opened lower at RMB 17,630/mt on July 21st and fell below the 5-day moving average later. At the tail of trading, SHFE 1110 aluminum contract prices plunged further and hit RMB 17,480/mt. Finally SHFE 1110 aluminum contract prices slightly rebounded and closed at RMB 17,505/mt, down RMB 135/mt or 0.77% from previous trading day. Total positions of most active SHFE 1110 aluminum contracts increased by 4,320 lots to 115,538 lots. Though SHFE aluminum prices opened lower and kept falling, the downward space will be limited due to tight spot aluminum supply. Therefore, SMM expects most active SHFE 1110 aluminum contract prices to test RMB 17,500/mt in the short term.
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