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SMM Brief on SHFE Aluminum Futures: Prices Up on Short-Covering, but Longs Limited (2013-3-21)
Mar 21,2013 16:00CST
smm insight
Source:SMM
SHFE 1306 aluminum contract prices opened at RMB 14,690/mt on March 21.

SHANGHAI, Mar. 21 (SMM) – SHFE 1306 aluminum contract prices opened at RMB 14,690/mt on March 21. HSBC’s China preliminary March manufacturing PMI was upbeat, triggering short-covering and helping the most active SHFE aluminum contract hit a high of RMB 14,775/mt along with other base metals. In the afternoon, SHFE aluminum for June delivery inched down as longs were limited. Finally, the most-traded SHFE aluminum contract closed at RMB 14,730/mt, up RMB 45/mt or 0.31%. Positions were down 2,960 lots to 92,608 lots. Despite encouraging manufacturing PMI, demand remains tepid, eroding the upside space of the most active SHFE aluminum contracts, which should struggle at RMB 14,700/mt for the near term.
 

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