SMM Brief on SHFE Aluminum Futures: Resistance at RMB 15,000/Mt Remains as Longs and Shorts Take Profits at Highs (2013-3-8)

SHANGHAI, Mar. 9 (SMM) – SHFE 1306 aluminum contract prices opened higher at RMB 15,030/mt on March 8. Longs took profits at RMB 15,000/mt, but the most active aluminum contract did find support at RMB 14,900/mt. In the afternoon, SHFE aluminum for June delivery recovered some losses, and finally closed at RMB 14,990/mt, up RMB 70/mt or 0.47%. Positions increased 652 lots to 91,612 lots. SHFE aluminum prices rose less sharply after extending gains for a third straight trading day as longs and shorts chose to take profits at highs. The most-traded SHFE aluminum will not break through resistance at RMB 15,000/mt next week until more longs enter the market.