SMM Brief on SHFE Aluminum Futures: Struggle between Longs and Shorts Leaves Prices Mired (2013-2-4)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Struggle between Longs and Shorts Leaves Prices Mired (2013-2-4)

SMM Insight 05:41:56PM Feb 04, 2013 Source:SMM

SHANGHAI, Feb. 4 (SMM) – SHFE 1305 aluminum contract became the most active one and opened slightly higher at RMB 15,335/mt on February 4. The most active aluminum contract pared gains shortly after shooting up to RMB 15,375/mt, meeting resistance at the 30-day moving average, but did find support at the 5-day moving average. Trading volumes were up nearly 20,000 lots. Finally, the most-traded aluminum contract closed at RMB 15,330/mt, up RMB 40/mt or 0.26%. Positions were up 10,424 lots to 55,112 lots. All base metals rose along with LME aluminum prices, except for SHFE aluminum prices, which were mired. The most active SHFE aluminum contracts should hold stable at RMB 15,300/mt in the short term as short selling pressure will wane before the Chinese New Year.
 

SMM Brief on SHFE Aluminum Futures: Struggle between Longs and Shorts Leaves Prices Mired (2013-2-4)

SMM Insight 05:41:56PM Feb 04, 2013 Source:SMM

SHANGHAI, Feb. 4 (SMM) – SHFE 1305 aluminum contract became the most active one and opened slightly higher at RMB 15,335/mt on February 4. The most active aluminum contract pared gains shortly after shooting up to RMB 15,375/mt, meeting resistance at the 30-day moving average, but did find support at the 5-day moving average. Trading volumes were up nearly 20,000 lots. Finally, the most-traded aluminum contract closed at RMB 15,330/mt, up RMB 40/mt or 0.26%. Positions were up 10,424 lots to 55,112 lots. All base metals rose along with LME aluminum prices, except for SHFE aluminum prices, which were mired. The most active SHFE aluminum contracts should hold stable at RMB 15,300/mt in the short term as short selling pressure will wane before the Chinese New Year.