SMM Brief Review - 2011/8/15 Aluminum Futures: Most Active Contract Shifts, Expects to Test RMB 17,300

SHANGHAI, Aug. 15 (SMM) – Most active SHFE 1110 aluminum contract prices opened slightly higher at RMB 17,535/mt on August 15th and narrowly fluctuated in the morning session. In the afternoon, positions of SHFE 1111 aluminum contracts significantly increased as a result of short activities, which dragged spot aluminum prices to below RMB 17,300/mt. SHFE 1111 aluminum contract also became the most actively-traded one, and closed at RMB 17,330/mt, down RMB 45/mt or 0.26%. Due to a dim future, most active SHFE aluminum contract price fell in the afternoon despite rising of other metals prices. However, it still found strong support at the 5-day moving average, and SMM expects most active SHFE aluminum contract prices to test RMB 17,300/mt in the short term.

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