SMM Brief on SHFE Aluminum Futures: Aluminum Prices Down on Downbeat Manufacturing PMI (2013-3-1)

SHANGHAI, Mar. 1 (SMM) – SHFE 1305 aluminum contract opened at RMB 14,775/mt on March 1. The most active aluminum contract later tumbled more than 1% to RMB 14,625/mt along with other base metals as falling February manufacturing PMI triggered short selling. SHFE aluminum for May delivery rebounded limitedly in the afternoon and finally ended the day down RMB 140/mt or 0.94% at RMB 14,675/mt. Positions were down 1,046 lots to 88,812 lots. The light metal will remain vulnerable to declines due to a lack of market confidence. The most-traded SHFE aluminum contract should meet growing resistance at RMB 14,700/mt next week.