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

Hot Keywords

  • Inventory data
  • NPI
  • Zinc
  • Production data
  • Macroeconomics
  • Market commentary
  • Morning comments
  • Aluminium
  • Copper
  • Stainless steel
  • Mengtai Group
  • Nickel
  • Futures movement
  • In the United States
  • trade negotiations

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

SMM Insight 04:10:15PM Jan 24, 2013 Source:SMM

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. 
 

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

SMM Insight 04:10:15PM Jan 24, 2013 Source:SMM

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.