SHANGHAI, Jul. 22nd (SMM) – Most active SHFE 1110 aluminum contract prices opened lower at RMB 17,560/mt on July 22nd, and fell below RMB 17,500 due to short selling at the beginning. Later SHFE 1110 aluminum contract prices rallied and fluctuated at RMB 17,600/mt after more longs entered the market. During the last ten minutes at the tail of trading, most active SHFE aluminum contract prices consolidated at RMB 17,600/mt as the longs actively built up positions. Finally closed price was RMB 17,640/mt, up RMB 60/mt or 0.34% from previous trading day. Total positions of most active SHFE 1110 aluminum contracts increased by 3,534 lots to 119,072 lots. Though selling pressure temporarily lose SHFE aluminum prices of upward momentum, the longs still pushed SHFE aluminum prices to above the 5-day moving average. SMM expects most active SHFE 1110 aluminum contract prices to maintain current upward momentum and test RMB 17,700/mt in the short term.
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