SMM Brief on SHFE Aluminum Futures: Gains Eroded on Mild Economic Data (2013-1-18)
SHANGHAI, Jan. 21 (SMM) – SHFE 1303 aluminum contract prices opened slightly higher at RMB 15,190/mt on January 18. The contract struggled at RMB 15,170/mt in the session, with strong resistance at RMB 15,200/mt as longs and shorts mostly exited the market. Finally, the March aluminum on the SHFE closed at RMB 15,190/mt, up RMB 55/mt or 0.36%. Positions were down 1,656 lots to 59,004 lots. Markets remained cautious as China’s economic data failed to cheer investors up. Weak fundamentals eroded gains of SHFE aluminum prices. The most-traded SHFE aluminum contract is expected to hover at RMB 15,150/mt this week.
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