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SMM Brief on SHFE Aluminum Futures: Prices Extend Gains as Shorts Liquidate Positions Aggressively (2013-3-7)
Mar 7,2013 17:25CST
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Source:SMM
SHFE 1306 aluminum contract prices jumped to a high of RMB 15,000/mt and stabilized at the 10-day moving average after opening at RMB 14,840/mt on March 7.

SHANGHAI, Mar. 7 (SMM) – SHFE 1306 aluminum contract prices jumped to a high of RMB 15,000/mt and stabilized at the 10-day moving average after opening at RMB 14,840/mt on March 7. Finally, SHFE aluminum for June delivery closed at RMB 14,985/mt, up RMB 150/mt or 1.01%. Positions increased 6,118 lots to 90,960 lots. News that the State Reserve Bureau will buy aluminum ingot forced shorts to liquidate positions and helped SHFE aluminum prices lead gains among base metals. The most-traded SHFE aluminum should rise further to test resistance at RMB 15,000/mt in the short term.
 

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