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SMM Brief Review - 2011/10/13 SHFE Aluminum Futures
Oct 13,2011 16:43CST
smm insight
Source:SMM
The most active SHFE aluminum contract closed below the 5-day moving average at RMB 16,660/mt, down RMB 50/mt or 0.3% from previous trading day.

SHANGHAI, Oct. 13 (SMM) – SHFE aluminum contracts opened mixed today. Transactions continuously dropped to 39,526 lots and were mainly for closing positions. After hitting an intraday high of RMB 16,755/mt, the most active SHFE aluminum contract quickly erased gains and finally closed below the 5-day moving average at RMB 16,660/mt, down RMB 50/mt or 0.3% from previous trading day. Positions of the contract decreased 628 lots to 96,516 lots. China’s September CPI is scheduled to be released on Friday, and whether monetary policies will be loosened depends on the inflation control result. The market sentiment is expected to be cautious before this data is announced. The most active aluminum contract is expected to drop toward RMB 16,500/mt after losing the 5-day moving average.

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