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SMM Brief Review - 2011/10/17 SHFE Aluminum Futures
Oct 17,2011 16:16CST
smm insight
Source:SMM
The most active SHFE 1112 aluminum contract closed at RMB 16,630/mt, down RMB 20/mt or 0.12% from previous trading day.

SHANGHAI, Oct. 17 (SMM) – The most active SHFE 1112 aluminum contract opened slightly higher at RMB 16,685/mt on October 17th. After hitting an intraday high of RMB 16,755/mt, the contract quickly slipped due to profit-taking by the longs, and finally closed at RMB 16,630/mt, down RMB 20/mt or 0.12% from previous trading day. Positions of the contract decreased 1,362 lots to 92,232 lots. Transactions were only slightly higher than 30,000 lots during the day. SHFE aluminum contracts closed mixed as the longs were continuously exiting the market, removing upward momentum of aluminum futures prices. As market players are pessimistic towards aluminum prices during the fourth quarter, the most active aluminum contract is expected to meet strong resistance at the RMB 16,700/mt mark.

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