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SMM Brief on SHFE Aluminum Futures: Shorts Increase, Prices Fall back (2013-3-11)
Mar 11,2013 18:55CST
smm insight
Source:SMM
SHFE 1306 aluminum contract prices opened at RMB 14,960/mt on March 11.

SHANGHAI, Mar. 11 (SMM) – SHFE 1306 aluminum contract prices opened at RMB 14,960/mt on March 11. Shorts increased as growing inflationary pressure in February triggered fear that monetary policy will tighten in the short term, driving the most active aluminum contract below RMB 14,900/mt at the tail of trading. Finally, SHFE aluminum for June delivery closed at RMB 14,895/mt, down RMB 70/mt or 0.47%. Positions increased 1,800 lots to 93,412 lots. SHFE aluminum prices fell back as positive impact from news that the State Reserve Bureau will buy aluminum ingot has faded, but downside space should be limited. The most-traded SHFE aluminum will find strong support at RMB 14,800/mt.
 

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