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Home / Metal News / SMM Brief on SHFE Aluminum Futures: Resistance Grew at Upper End as Shorts Increased (2013-3-27)

SMM Brief on SHFE Aluminum Futures: Resistance Grew at Upper End as Shorts Increased (2013-3-27)

iconMar 27, 2013 16:12
SHFE 1306 aluminum contract opened slightly lower at RMB 14,665/mt on Wednesday.

SHANGHAI, Mar. 27 (SMM) – SHFE 1306 aluminum contract opened slightly lower at RMB 14,665/mt on Wednesday. The contract failed to break RMB 14,700/mt as shorts increased, and finally ended the day down RMB 50/mt or 0.34% at RMB 14,655/mt. Positions increased 998 lots to 94,496 lots. SHFE aluminum for June delivery was dragged down by falling LME aluminum, but should still hold stable at RMB 14,600/mt at the bottom as shorts will be limited for the near term. 

 

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