SMM Brief on SHFE Aluminum Futures: Prices Pull back as Investors Exit Market (2013-1-16)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Prices Pull back as Investors Exit Market (2013-1-16)

SMM Insight 04:52:38PM Jan 16, 2013 Source:SMM

SHANGHAI, Jan. 16 (SMM) – SHFE 1303 aluminum contract prices opened at RMB 15,150/mt on January16. Prices of the most active SHFE aluminum contracts fell back to near RMB 15,150/mt after initially rising, with strong resistance at RMB 15,200/mt, but found strong support at RMB 15,130/mt. Most longs and shorts exited the market, causing positions to drop 2,532 lots to 61,522 lots. Finally, the March aluminum on the SHFE shed RMB 5/mt or 0.03% to close at RMB 15,155/mt. The Shanghai Composite Index was in correction and LME aluminum prices trended down, souring market sentiment. As a result, investors chose to stand on the sidelines prior to the release of 4Q GDP due Friday. The most-traded SHFE aluminum contract should be capped under RMB 15,200/mt in the near term.
 

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18450.0
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(-0.32%)
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18520.0
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(-0.32%)
T/C for Domestic Zinc Concentrate
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6275.0
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(0.00%)
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310.0
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SMM Brief on SHFE Aluminum Futures: Prices Pull back as Investors Exit Market (2013-1-16)

SMM Insight 04:52:38PM Jan 16, 2013 Source:SMM

SHANGHAI, Jan. 16 (SMM) – SHFE 1303 aluminum contract prices opened at RMB 15,150/mt on January16. Prices of the most active SHFE aluminum contracts fell back to near RMB 15,150/mt after initially rising, with strong resistance at RMB 15,200/mt, but found strong support at RMB 15,130/mt. Most longs and shorts exited the market, causing positions to drop 2,532 lots to 61,522 lots. Finally, the March aluminum on the SHFE shed RMB 5/mt or 0.03% to close at RMB 15,155/mt. The Shanghai Composite Index was in correction and LME aluminum prices trended down, souring market sentiment. As a result, investors chose to stand on the sidelines prior to the release of 4Q GDP due Friday. The most-traded SHFE aluminum contract should be capped under RMB 15,200/mt in the near term.