SHANGHAI, Jul. 26th (SMM) – A bull market for SHFE aluminum contracts was seen on July 26th. In the morning, after opening at RMB 17,650/mt and consolidating at RMB 17,700/mt, most active SHFE 1110 aluminum contract prices surged and hit RMB 17,910/mt during spot trading hours. In the afternoon, after regaining confidence, the longs pushed up SHFE aluminum prices which led base metals to gain and quickly broke RMB 18,000/mt. Finally closed price was RMB 18,015/mt, with a huge jump of RMB 350/mt or 1.98% from previous trading day. Total positions of most active SHFE aluminum contracts drastically increased by 34,378 lots to 158,358 lots. After SHFE aluminum prices surged by nearly 2% to break the RMB 18,000/mt mark, short-selling increased, and SMM expects SHFE aluminum prices to fluctuate at RMB 18,000/mt in the short term.
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