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SMM Brief Review - 2011/9/26 SHFE Aluminum Futures
Sep 26,2011 16:24CST
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Source:SMM
Most active SHFE 1112 aluminum contract closed at RMB 16,000/mt, down RMB 470/mt or 2.85% from previous trading day.

SHANGHAI, Sept. 26 (SMM) – Most active SHFE 1112 aluminum contract opened lower at RMB 16,400/mt on September 26th, and climbed to an intraday high of RMB 16,678/mt in the morning on profit-taking by the shorts. That compared to losses in all other commodity prices. In the afternoon, after LME aluminum plunged below the USD 2,200/mt mark, which weighed on commodity prices, the most active SHFE aluminum contract plummeted immediately following its afternoon opening to RMB 15,850/mt, a new yearly low. However, with the profit-taking wave by the shorts at the tail of trading, the contract rebounded and finally closed at RMB 16,000/mt, down RMB 470/mt or 2.85% from previous trading day. Total positions of the contract decreased 3,378 lots to 117,902 lots, while transactions surged to 221,000 lots during the day. This was a typical bear market as proved by the RMB 825/mt daily price gap. SMM expects the contract to test RMB 16,000/mt in the short term.

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