SHANGHAI, Aug. 3 (SMM) – Most active SHFE 1110 aluminum contract prices opened lower at RMB 18,285/mt on August 3rd, and surged later with strong long momentum to above the 5-day moving average. Most active SHFE aluminum contract prices climbed to RMB 18,500/mt after positions rose by over 20,000 lots, and finally closed at RMB 18,520/mt, up RMB 185/mt or 1.01% from previous trading day. As SHFE aluminum gained despite falling of other metals pries, market confidence for aluminum prices recovered following temporary fluctuation, and SMM expects SHFE aluminum prices to hit RMB 18,645 again after consolidating at RMB 18,500/mt.
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