SHANGHAI, Aug. 1 (SMM) – Most active SHFE 1110 aluminum contract prices opened higher at RMB 18,410/mt on August 1st. In the morning, strong long momentum pushed SHFE 1110 aluminum contract prices to RMB 18,645/mt, a new high since last Thursday’s RMB 18,570/mt. Later released weakening PMI data of China boosted short confidence, which led SHFE 1110 aluminum contract prices to struggle at RMB 18,500/mt. Finally closed price was RMB 18,535/mt, up 1.31%. SHFE aluminum again became the best choice for investors and led base metals to gain, with positions of most active SHFE aluminum contracts drastically increasing by over 20,000 lots. SMM expects active investor sentiment will push SHFE 1110 aluminum contract prices to test RMB 19,000/mt in the short term.
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