SMM Brief on SHFE Aluminum Futures: Weak LME Aluminum Keeps SHFE Aluminum in Check (2013-1-29)

SHANGHAI, Jan. 29 (SMM) – SHFE 1304 aluminum contracts became the most active one on Tuesday. The contract hovered near the daily moving average and dipped to a low of RMB 15,135/mt after opening at RMB 15,160/mt. The April aluminum on the SHFE rebounded along with other base metals at the tail of trading, and finally closed unchanged from the previous trading day at RMB 15,170/mt. Positions were up 1224 lots to 54,102 lots. LME aluminum lacked upward momentum, keeping SHFE aluminum prices in check. The most-traded SHFE aluminum contract should stagnate around RMB 15,150/mt in the short term.