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SMM Brief Review - 2011/9/1 Aluminum Futures
Sep 1,2011 17:01CST
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Source:SMM
Most active SHFE aluminum contract closed RMB 10/mt or 0.06% lower at RMB 17,465/mt on Sept. 1st. Market transactions of the contract slightly increased but were mainly speculative activities.

SHANGHAI, Sept. 1 (SMM) – Though LME aluminum gained again by nearly 2% overnight, most active SHFE aluminum contract opened only slightly higher at RMB 17,510/mt on Sept 1st. After hitting an intraday high of RMB 17,555/mt supported by exiting shorts, the contract erased earlier gains due to weakening Shanghai Composite Index and finally closed RMB 10/mt or 0.06% lower at RMB 17,465/mt. Total positions of the contract dropped by 790 lots to 117,016 lots. With alleviating capital pressure, transactions during the day slightly increased but were mainly speculative activities. SMM expects the contract to test support at RMB 17,450/mt during the following trading day.
 

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