SMM Brief on SHFE Aluminum Futures: Upward Momentum Limited on Strong Bearishness (2013-1-17)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Upward Momentum Limited on Strong Bearishness (2013-1-17)

SMM Insight 04:26:55PM Jan 17, 2013 Source:SMM

SHANGHAI, Jan. 17 (SMM) – SHFE 1303 aluminum contract prices drifted lower to RMB 15,120/mt after opening at RMB 15,140/mt on January 17. Finally, the March aluminum on the SHFE closed unchanged from the previous trading day at RMB 15,155/mt. Positions were down 862 lots to 60,660 lots. The Shanghai Composite Index remained in correction, triggering strong bearish sentiment. The most-traded SHFE aluminum contract is expected to test support at RMB 15,100/mt while awaiting China’s 4Q GDP due tomorrow for guidance.
 

SMM Brief on SHFE Aluminum Futures: Upward Momentum Limited on Strong Bearishness (2013-1-17)

SMM Insight 04:26:55PM Jan 17, 2013 Source:SMM

SHANGHAI, Jan. 17 (SMM) – SHFE 1303 aluminum contract prices drifted lower to RMB 15,120/mt after opening at RMB 15,140/mt on January 17. Finally, the March aluminum on the SHFE closed unchanged from the previous trading day at RMB 15,155/mt. Positions were down 862 lots to 60,660 lots. The Shanghai Composite Index remained in correction, triggering strong bearish sentiment. The most-traded SHFE aluminum contract is expected to test support at RMB 15,100/mt while awaiting China’s 4Q GDP due tomorrow for guidance.