SMM Brief on SHFE Aluminum Futures: Prices Extend Losses on Lack of Long Buying (2013-1-14)

SHANGHAI, Jan. 14 (SMM) – SHFE 1303 aluminum contract prices dipped to the 5-day moving average after opening at RMB 15,270/mt on January 14. Prices of the most active SHFE aluminum contracts fluctuated in the band of RMB 15,230-15,250/mt in the session and finally finished at RMB 15,235/mt, down RMB 40/mt or 0.26%. Positions were up 112 lots to 62,370 lots. Stable LME aluminum prices and soaring Shanghai Composite Index failed to push SHFE aluminum prices up. The most-traded SHFE aluminum contract should continue to test support at RMB 15,200/mt in the near term.