SMM Brief on SHFE Aluminum Futures: Trading Quiet, Prices Mired (2013-1-23)

SHANGHAI, Jan. 23 (SMM) – SHFE 1303 aluminum contract prices dipped to a low of RMB 15,150/mt after opening at RMB 15,180/mt on January 23. Finally, the March aluminum on the SHFE closed RMB 10/mt or 0.07% lower at RMB 15,155/mt. Positions were down 678 lots to 55,992 lots. The rebound of LME aluminum prices overnight failed to give a lift to SHFE aluminum prices. Prices of the most active SHFE aluminum contracts are expected to repeatedly test support at RMB 15,150/mt in the short term.