SHANGHAI, Aug. 5 (SMM) –Due to plunging commodity prices over night, most active SHFE 1110 aluminum contract prices opened lower at RMB 17,800/mt on August 5th. Within ten minutes after opening, most active SHFE aluminum contract prices fell and stopped at RMB 17,485/mt with positions falling by over 10,000 lots due to profit-taking and stop loss, down RMB 730/mt or 4%. SHFE aluminum prices slipped the most among all base metals prices, with all aluminum contract prices falling to a stop at the tail of trading. Long positions fell by over 25,000 lots during the day with bearish market sentiment rising. SMM expects most active aluminum contract prices to keep falling and test RMB 17,000/mt.
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