SMM Brief on SHFE Aluminum Futures (2013-1-28)

SHANGHAI, Jan. 28 (SMM) – SHFE 1303 aluminum contract prices opened at RMB 15,115/mt on January 28. The most active contract lost support at RMB 15,100/mt and remained at low levels in the afternoon. Finally, the March aluminum closed down RMB 55/mt or 0.36% at RMB 15,075/mt. Positions were down 254 lots to 54,122 lots. SHFE 1304 aluminum contracts may become the most active one tomorrow. Weak fundamentals depressed trading activity. The most-traded SHFE aluminum contracts should extend losses and fall to RMB 15,100/mt at the bottom in the short term.