SMM Brief on SHFE Aluminum Futures: Aluminum Suffers Losses for Three Straight Days (2013-1-8)

SHANGHAI, Jan. 8 (SMM) – SHFE 1303 aluminum contract prices drifted lower after opening at RMB 15,290/mt on January 8 as longs exited the market after profit-taking. Finally, the March aluminum on the SHFE closed at an intraday low of RMB 15,240/mt, down RMB 55/mt or 0.36%. Positions were down 1,018 lots to 64,618 lots. The most active SHFE aluminum contract closed with losses for three consecutive days after the New Year holiday, with strong resistance at RMB 15,300/mt as longs refrained from buying at highs. The light metal is expected to test support at RMB 15,200/mt in the short term while seeking guidance from December economic indicators.