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SMM Brief on SHFE Aluminum Futures: Prices Rally Mildly on Limited Interest in Buying at Highs (2013-2-22)
Feb 22,2013 18:49CST
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Source:SMM
SHFE 1305 aluminum contract opened slightly lower at RMB 14,920/mt on Friday.

SHANGHAI, Feb. 22 (SMM) – SHFE 1305 aluminum contract opened slightly lower at RMB 14,920/mt on Friday. The contract staged a mild rally due to dip-buying from some longs, advancing to RMB 14,975/mt. The most active contract moved within narrow ranges as longs were cautious about buying at higher prices, and finally gained RMB 25/mt or 0.17% at RMB 14,960/mt. Positions were up 2,602 lots to 91,134 lots. SHFE aluminum for May delivery bounced back following four consecutive days of declines, but upside space was limited as markets remained bearish. The most-traded SHFE aluminum contract should continue to meet resistance at RMB 15,000/mt next week.  
 

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