SHANGHAI, Sept. 23 (SMM) – Most active SHFE 1112 aluminum contract gapped lower by over 2% today at RMB 16,705/mt due to plunges in global financial markets overnight. The contract slipped slightly in the morning, and fell to a stop in the afternoon with other base metals contracts due to an inrush of short capital. It repeated trading resumptions and stops during following trading hours, but rebounded slightly at the tail of trading on profit-taking by the shorts. The contract finally closed at RMB 16,495/mt, down RMB 495/mt or 2.91% from previous trading day. Positions of the contract increased hugely by 13,600 lots to 121,280 lots. Transaction volume of the contract also climbed to over 170,000 lots during the day. SMM expects most active SHFE aluminum contract to test RMB 16,200/mt in the short term as investor worries towards global economic recession prevailed.