SMM Brief on SHFE Aluminum Futures: Markets Cautious, Upward Momentum Absent (2013-3-19)

SHANGHAI, Mar. 19 (SMM) – SHFE 1306 aluminum contract prices opened unchanged from yesterday at RMB 14,695/mt on March 19. The most active SHFE aluminum contract hovered around RMB 14,700/mt in the morning session, but dropped in the afternoon as shorts entered the market. Finally, SHFE aluminum for June delivery lost RMB 40/mt or 0.27% to close at RMB 14,655/mt. Positions decreased 1,326 lots to 98,016 lots. Investors are cautious as the European debt crisis resurfaced, keeping the light metal in check. Aluminum prices remain under downward track at the moment, with no signs of stopping falling.