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SMM Brief Review - 2011/9/29 SHFE Aluminum Futures
Sep 29,2011 16:42CST
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Source:SMM
The most active SHFE 1112 aluminum contract closed at RMB 16,475/mt, down RMB 60/mt or 0.36% from previous trading day.

SHANGHAI, Sept. 29 (SMM) – The most active SHFE 1112 aluminum contract gapped over 2% lower at RMB 16,160/mt on September 29th due to reignited investor worries towards a default by Greece. The contract was pressed to an intraday low of RMB 16,020/mt by increased short selling during early trading hours, but rebounded later to hit RMB 16,570/mt with bargain hunting by the longs and profit-taking by the shorts. At the tail of trading, due to profit-taking by the longs, the most active contract slightly slipped to finally close at RMB 16,475/mt, down RMB 60/mt or 0.36% from previous trading day. Positions of the contract decreased 2,020 lots to 104,338 lots. With strong support at the RMB 16,000.mt mark, the most active SHFE aluminum contract rebounded to above the 5-day moving average during the day. As most longs and shorts will exit the market for risk aversion on the following and last trading day before the National Day holiday, the most active aluminum contract is expected to test RMB 16,500/mt on September 30th.

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