SMM Brief on SHFE Aluminum Futures: Prices Tumble on Short Selling (2013-1-15)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Prices Tumble on Short Selling (2013-1-15)

SMM Insight 04:41:03PM Jan 15, 2013 Source:SMM

SHANGHAI, Jan. 15 (SMM) – SHFE 1303 aluminum contract prices gapped lower at RMB 15,190/mt on January15. The most active contract briefly touched a high of RMB 15,235/mt in early morning session, but later slid to RMB 15,130/mt due to short selling, falling the most among base metals. The contract rebounded mildly in the afternoon, but still met strong resistance at RMB 15,200/mt. Finally, the March aluminum on the SHFE closed at an intraday low of RMB 15,130/mt, down RMB 110/mt or 0.72%. Positions were up 1,684 lots to 64,054 lots. SHFE aluminum prices tracked LME aluminum down, despite rising Shanghai Composite Index. Downside space should be limited, though. The most-traded SHFE aluminum contract should temporarily test support at RMB 15,100/mt in the near term.
 

SMM Brief on SHFE Aluminum Futures: Prices Tumble on Short Selling (2013-1-15)

SMM Insight 04:41:03PM Jan 15, 2013 Source:SMM

SHANGHAI, Jan. 15 (SMM) – SHFE 1303 aluminum contract prices gapped lower at RMB 15,190/mt on January15. The most active contract briefly touched a high of RMB 15,235/mt in early morning session, but later slid to RMB 15,130/mt due to short selling, falling the most among base metals. The contract rebounded mildly in the afternoon, but still met strong resistance at RMB 15,200/mt. Finally, the March aluminum on the SHFE closed at an intraday low of RMB 15,130/mt, down RMB 110/mt or 0.72%. Positions were up 1,684 lots to 64,054 lots. SHFE aluminum prices tracked LME aluminum down, despite rising Shanghai Composite Index. Downside space should be limited, though. The most-traded SHFE aluminum contract should temporarily test support at RMB 15,100/mt in the near term.