SMM Brief on SHFE Aluminum Futures: (2013-3-28)

SHANGHAI, Mar. 28 (SMM) – SHFE 1306 aluminum contract opened at RMB 14,655/mt on Thursday. The contract found its high at RMB 14,725/mt before immediately falling back. Longs took profits, weighing down the most active SHFE aluminum contract, which finally finished RMB 45/mt or 0.31% lower at RMB 14,620/mt. Positions increased 96 lots to 94,592 lots. A plunging Shanghai Composite Index has dampened market sentiment, causing SHFE aluminum to extend losses. With investors taking a wait-and-see stance, SHFE aluminum for June delivery is expected to test support at RMB 14,600/mt.