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SMM Brief Review - 2011/10/11 SHFE Aluminum Futures
Oct 11,2011 17:11CST
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Source:SMM
The most active SHFE 1112 aluminum contract closed at RMB 16,700/mt, up RMB 35/mt or 0.21% from previous trading day.

SHANGHAI, Oct. 11 (SMM) – After Europe and China provided measures to boost investor confidence for financial markets, the most active SHFE 1112 aluminum contract opened higher at RMB 16,805/mt on October 11th in a bid to fix the gap on September 23rd. However, the shorts turned active again after the Shanghai Composite Index failed to consolidate at the 2,400 mark, with the most active aluminum contract gradually erasing gains during the day to finally close at RMB 16,700/mt, up RMB 35/mt or 0.21% from previous trading day. Positions of the contract decreased 490 lots to 98,490 lots. SHFE aluminum contracts closed mixed today with forward contracts closing higher. As China’s September CPI is to be announced soon, the cautious sentiment prevailed in the market, with less than 50,000 lots of transactions seen. SMM expects the contract to test support at RMB 16,500/mt in the short term lacking upward momentum.

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