SMM Brief on SHFE Aluminum Futures: Prices Trim Gains on Short Selling (2013-1-4)

SHANGHAI, Jan. 4 (SMM) – SHFE 1303 aluminum contract prices briefly hit a high of RMB 15,420/mt after a high opening of RMB 15,395/mt on January 4, but later gave back earlier gains. Finally, the March aluminum on the SHFE ended the day down RMB 20/mt or 0.13% at RMB 15,315/mt. Positions were up 464 lots to 65,588 lots. LME aluminum fell back after hitting high, curbing gains of SHFE aluminum prices, which were stagnant due to short selling. The most active SHFE aluminum contract is expected to continue to test support at RMB 15,300/mt in the short term.