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SMM Brief Review - 2011/9/27 SHFE Aluminum Futures
Sep 27,2011 16:24CST
smm insight
Source:SMM
The most active SHFE 1112 aluminum contract closed at RMB 16,530/mt, up RMB 260/mt or 2.23% from previous trading day.

SHANGHAI, Sept. 27 (SMM) – Following a three-day decline in SHFE aluminum prices, short selling cooled today, with the most active SHFE 1112 aluminum contract opening higher at RMB 16,385/mt and struggling at the daily moving average in the morning, driven by profit-taking by the shorts. In the afternoon, the contract maintained gains at above 2% supported bargain hunting by the longs, and finally closed at RMB 16,530/mt, up RMB 260/mt or 2.23% from previous trading day. Positions of the contract decreased 8,056 lots to 109,846 lots. Backed by exiting short capital, the most active aluminum contract fixed the gap in the morning on previous trading day. It also showed stronger stability compared with other base metals. However, due to a lack of further support, the contract is expected to encounter strong resistance at the RMB 16,600/mt mark.

aluminum price
aluminum Al

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