SMM Brief on SHFE Aluminum Futures: Prices Up after Low Opening, but Long Buying Limited (2013-2-26)

SHANGHAI, Feb. 26 (SMM) – SHFE 1305 aluminum contract gaped lower at RMB 14,760/mt on February 26, but later found its high at RMB 14,855/mt thanks to dip-buying. In the afternoon, the most active aluminum contract edged down as long buying was limited. Finally, SHFE aluminum for May delivery shed RMB 30/mt or 0.20% at RMB 14,825/mt. Positions were up 700 lots to 89,760 lots. SHFE three-month aluminum contracts rose after a low opening, but still lacked upward momentum owing to soft Shanghai Composite Index and sluggish spot aluminum consumption. The most-traded SHFE aluminum contract should hover near RMB 14,800/mt in the near term.