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SMM Brief Review - 2011/10/21 SHFE Aluminum Futures
Oct 21,2011 16:53CST
smm insight
Source:SMM
The most active SHFE 1112 aluminum contract closed RMB 205/mt or 1.27% higher at RMB 16,290/mt after hitting an intraday high of RMB 16,350/mt.

SHANGHAI, Oct. 21 (SMM) – The most active SHFE 1112 aluminum contract opened slightly lower at RMB 16,025/mt on October 21st as investors were cautious whether a final solution would come out from the EU Summit this weekend. The contract recovered losses during previous trading day amid profit-taking by shorts, and finally closed RMB 205/mt or 1.27% higher at RMB 16,290/mt after hitting an intraday high of RMB 16,350/mt. Positions of the contract decreased 4,766 lots to 78,294 lots. The most active SHFE aluminum contract closed higher for the first time following a 4-day drop this week, supported by profit taking by shorts. Transactions during the day, however, fell short of 40,000 lots. Whether Europe will return to the positive direction depends on the EU Summit this week. The most active aluminum contract will slip further if no supportive measures are provided, possibly dropping below the RMB 16,000/mt mark.

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