SHANGHAI, Aug. 2 (SMM) – As LME aluminum prices fell overnight, most active SHFE 1110 aluminum contract prices opened lower at RMB 18,350/nt on August 2nd. After sluggish Shanghai Composite Index forced some longs to exit the market, with total positions of SHFE 1110 aluminum contracts decreasing by 14,000 lots, SHFE aluminum prices struggled at the 5-day moving average. Finally closed price was RMB 18,340/mt, down RMB 205/mt or 1.11% from previous trading day. Though most active SHFE aluminum contract prices erased gains on the previous day, downward pace of aluminum prices was relatively slower than that of other metals prices. SMM expects bearish sentiment in other metals markets will drag down aluminum prices to test RMB 18,300/mt in the short term.
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