SMM Brief on SHFE Aluminum Futures: Prices Buck the Trend by Falling on Sell-Off (2013-1-22)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Prices Buck the Trend by Falling on Sell-Off (2013-1-22)

SMM Insight 05:19:11PM Jan 22, 2013 Source:SMM

SHANGHAI, Jan. 22 (SMM) – SHFE 1303 aluminum contract prices opened slightly lower at RMB 15,170/mt on January 22. The contract bucked the trend by falling among base metals as longs liquidated positions, and slid further to RMB 15,150/mt in the afternoon. The most active SHFE aluminum contract did find strong support at the 5-day moving average and managed to recover some losses at the tail of trading. Finally, the March aluminum on the SHFE closed RMB 5/mt or 0.03% lower at RMB 15,175/mt. Positions were down 1,470 lots to 56,670 lots. Investors were selling off SHFE aluminum contracts against bearish fundamentals in spot aluminum market. The most-traded SHFE aluminum contract rose much slower than other base metals and is expected to move within tight ranges in the near term, with strong resistance at RMB 15,200/mt. 
 

SMM Brief on SHFE Aluminum Futures: Prices Buck the Trend by Falling on Sell-Off (2013-1-22)

SMM Insight 05:19:11PM Jan 22, 2013 Source:SMM

SHANGHAI, Jan. 22 (SMM) – SHFE 1303 aluminum contract prices opened slightly lower at RMB 15,170/mt on January 22. The contract bucked the trend by falling among base metals as longs liquidated positions, and slid further to RMB 15,150/mt in the afternoon. The most active SHFE aluminum contract did find strong support at the 5-day moving average and managed to recover some losses at the tail of trading. Finally, the March aluminum on the SHFE closed RMB 5/mt or 0.03% lower at RMB 15,175/mt. Positions were down 1,470 lots to 56,670 lots. Investors were selling off SHFE aluminum contracts against bearish fundamentals in spot aluminum market. The most-traded SHFE aluminum contract rose much slower than other base metals and is expected to move within tight ranges in the near term, with strong resistance at RMB 15,200/mt.