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SMM Brief Review - 2011/11/2 SHFE Aluminum Futures
Nov 2,2011 16:18CST
smm insight
Source:SMM
The most active SHFE 1201 aluminum contract closed at RMB 16,285/mt, down RMB 75/mt or 0.46% on November 2nd.

SHANGHAI, Nov. 2 (SMM) – The most active SHFE 1201 aluminum contract gapped 2.2% lower at RMB 16,000/mt on November 2nd following an over 5.5% plunge in LME aluminum prices. The contract gradually trimmed losses, however, supported by short covering and bargain-hunting, and finally closed at RMB 16,285/mt, down RMB 75/mt or 0.46%. Positions of the contract increased 5,202 lots to 74,640 lots. The contract was supported by production cost at the RMB 16,000/mt mark, but also met strong resistance at RMB 16,300/mt.

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