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SMM Brief Review - 2011/10/19 SHFE Aluminum Futures
Oct 19,2011 16:58CST
smm insight
Source:SMM
The most active SHFE 1112 aluminum contract closed at RMB 16,435/mt, up RMB 20/mt or 0.12% from previous trading day.

SHANGHAI, Oct. 19 (SMM) – The most active SHFE 1112 aluminum contract opened slightly higher at RMB 16,450/mt on October 19th. After struggling near RMB 16,500/mt, the contract slipped to an intraday low of RMB 16,370/mt in the afternoon as shorts dominated the market. At the tail of trading, due to profit-taking by the shorts, the contract slightly rebounded and finally closed at RMB 16,435/mt, up RMB 20/mt or 0.12% from previous trading day. Total positions of the contract increased 6,542 lots to 87,854 lots. Transactions of the contract decreased over 30% from previous trading day as investors were cautious towards the global economy. SMM expects the contract to test support at RMB 16,400/mt in the short term.

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