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SMM Brief Review - 2011/9/15 SHFE Aluminum Futures
Sep 15,2011 16:28CST
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Source:SMM
Most active SHFE 1111 aluminum contract closed at RMB 17,335/mt, up RMB 15/mt or 0.09% from previous trading day.

SHANGHAI, Sept. 15 (SMM) –After opening slightly lower at RMB 17,300/mt, most active SHFE 1111 aluminum contract climbed slightly to an intraday high of RMB 17,385/mt in the morning with weakening short momentum and longs entering the market at lower prices. In the afternoon, after Shanghai Composite Index erased earlier gains, the contract also dipped on profit-taking by the longs, and finally closed at RMB 17,335/mt, up RMB 15/mt or 0.09% from previous trading day. Positions of the contract decreased 298 lots to 119,556 lots. SMM expects the contract to struggle at the 20-day moving average in the short term due to coming standoff between weakening shorts and strengthening longs.

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