SMM Brief on SHFE Aluminum Futures: Prices Mired on Strong Wait-and-See Sentiment (2013-3-26)

SHANGHAI, Mar. 26 (SMM) – SHFE 1306 aluminum contract opened slightly lower at RMB 14,690/mt on Tuesday. The contract struggled at RMB 14,700/mt in the morning session on depressing trading activity, but stabilized at this mark in the afternoon. Most longs and shorts were watching from the sidelines. Finally, the most active SHFE aluminum contract ended the day down RMB 30/mt or 0.20% at RMB 14,705/mt. Positions decreased 414 lots to 93,498 lots. SHFE aluminum for June delivery should hover near RMB 14,700/mt in the near term.