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SMM Brief Review - 2011/11/4 SHFE Aluminum Futures
Nov 4,2011 16:51CST
smm insight
Source:SMM
The most active SHFE 1201 aluminum contract closed at RMB 16,380/mt, up RMB 195/mt or 1.2% from the previous trading day.

SHANGHAI, Nov. 4 (SMM) – The Greek referendum play added to the turbulence in Euro zone, the European Central Bank’s rate cut nevertheless weaken confidence of shorts. The most active SHFE 1201 aluminum contract opened slightly higher at RMB 16,245/mt and saw its gain widening to over 1% in the afternoon due to short covering. The contract finally closed at RMB 16,380/mt, up RMB 195/mt or 1.2% from the previous trading day. Positions of the contract decreased 1,478 lots to 75,201 lots. Supported by gains in other base metals, the most active aluminum contract consolidated at RMB 16,300/mt, but met resistance at RMB 16,400/mt as longs lacked confidence. SMM expects the most active aluminum contract to test support at RMB 16,200/mt in the short term due to inadequate upward momentum.

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