SMM Brief on SHFE Aluminum Futures: Aluminum Extends Losses, Support Lost (2013-1-24)

SHANGHAI, Jan. 24 (SMM) – SHFE 1303 aluminum contract prices opened at RMB 15,150/mt on January 24. The most active contract dropped below the daily moving average in the session to a low of RMB 15,115/mt, its lowest in a month. Finally, the March aluminum closed down RMB 35/mt or 0.23% at RMB 15,125/mt. Positions were down 282 lots to 55,710 lots. China’s positive flash manufacturing data for January failed to lend any support to the most-traded SHFE aluminum contracts, which are expected to test support at RMB 15,100/mt in the short term.