SMM Brief Review - 2011/11/3 SHFE Aluminum Futures

SHANGHAI, Nov. 3 (SMM) – The most active SHFE 1201 aluminum contract opened slightly higher at RMB 16,200/mt on November 3rd. Though the Shanghai Composite Index consolidated at the 2,500 points mark, the bearish sentiment still prevailed due to worries towards the Greek referendum. Both longs and shorts were cautious as the G20 Summit was being held, with transactions volumes falling to less than 25,000 lots. The contract erased gains of the day at the tail of trading due to concentrated short selling, and finally closed at RMB 16,140/mt, down RMB 40/mt or 0.25% from the previous trading day. Positions of the contract increased 1,940 lots to 76,580 lots. The most active aluminum contract is not likely to break through the RMB 16,200/mt mark without stimulus from supportive news.