SHANGHAI, Jul. 29 (SMM) – Most active SHFE 1110 aluminum contract prices opened lower at RMB 18,380/mt and later plunged to hit RMB 18,200/mt on July 29th. Finally closed price was RMB 18,210/mt, down RMB 245/mt or 1.33% from previous trading day. Total positions sharply decreased by over 19,000 lots due to profit-making by the longs. SHFE aluminum prices erased gains on the previous day to the RMB 18,200/mt mark after 3 successive days of rising. Falling aluminum prices in turn cooled down investor confidence and forced some longs to exit the market. However, support for aluminum prices at the 5-day moving average remained strong, and SMM expects aluminum prices to keep falling in the short term.
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