SHANGHAI, Aug. 4 (SMM) – After opening at RMB 18,460/mt on August 4th, most active SHFE 1110 aluminum contract prices quickly plunged to below 5-day and 10-day moving averages in the morning session, and closed at RMB 18,135/mt, down RMB 335/mt from previous trading day after a slight rebound. Market confidence turned low after SHFE aluminum prices plunged in the morning session with a huge 3% loss within 10 minutes. SMM expects aluminum prices to keep fluctuating in the short term while waiting for data support.
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