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SMM Brief on SHFE Aluminum Futures: Prices Plummet, Resistance at RMB 15,000/Mt to Grow (2013-2-21)
Feb 21,2013 16:27CST
smm insight
Source:SMM
SHFE 1305 aluminum contract, the most active one, gapped lower at RMB 15,010/mt on Thursday.

SHANGHAI, Feb. 21 (SMM) – SHFE 1305 aluminum contract, the most active one, gapped lower at RMB 15,010/mt on Thursday. The contract dived to RMB 14,900/mt as massive shorts entered the market. In the afternoon, the light metal recovered some losses, thanks to buying from large aluminum enterprises including Aluminum Corporation of China and China Power Investment. Finally, SHFE aluminum for May delivery ended the day down RMB 125/mt or 0.83% at RMB 14,965/mt. Positions were up 5,276 lots to 88,532 lots. A 3% decline in the Shanghai Composite Index triggered strong bearish sentiment. Shorts should continue to dominate the market, which will cap the most-traded SHFE aluminum contract under RMB 15,000/mt in the short term.  
 

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