SMM Brief on SHFE Aluminum Futures: Prices Rebound at the Tail of Trading (2012-12-13)

SHANGHAI, Dec. 13 (SMM) – The SHFE 1303 aluminum contract opened slightly higher at RMB 15,405/mt on December 13. The most active contract sank to RMB 15,350/mt in early morning session, but later rose above the 30-day moving average at the tail of trading due to long buying at lows. Finally, the contract for March delivery closed at an intraday high of RMB 15,415/mt, up RMB 55/mt or 0.36%. Positions were up 548 lots to 49,878 lots. The SHFE 1303 aluminum contract is expected to repeatedly test support at RMB 15,400/mt in the short term due to caution in the market.