SMM Brief on SHFE Aluminum Futures: Longs Exit on Discouraging Manufacturing PMI (2013-4-1)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Longs Exit on Discouraging Manufacturing PMI (2013-4-1)

SMM Insight 05:52:17PM Apr 01, 2013 Source:SMM

SHANGHAI, Apr. 1 (SMM) – SHFE 1306 aluminum contract started the day lower at RMB 14,590/mt on Monday. Discouraging manufacturing PMI from China drove longs to exit the market, sending the most active aluminum contract down to RMB 14,550/mt. Finally, SHFE aluminum for June delivery finished RMB 55/mt or 0.38% lower at RMB 14,545/mt. Positions decreased 1,214 lots to 92,184 lots. SHFE aluminum was more resilient than other base metals as shorts did not increase positions. Absent market confidence, the most-traded SHFE aluminum should be vulnerable at RMB 14,500/mt.
 
 

SMM Brief on SHFE Aluminum Futures: Longs Exit on Discouraging Manufacturing PMI (2013-4-1)

SMM Insight 05:52:17PM Apr 01, 2013 Source:SMM

SHANGHAI, Apr. 1 (SMM) – SHFE 1306 aluminum contract started the day lower at RMB 14,590/mt on Monday. Discouraging manufacturing PMI from China drove longs to exit the market, sending the most active aluminum contract down to RMB 14,550/mt. Finally, SHFE aluminum for June delivery finished RMB 55/mt or 0.38% lower at RMB 14,545/mt. Positions decreased 1,214 lots to 92,184 lots. SHFE aluminum was more resilient than other base metals as shorts did not increase positions. Absent market confidence, the most-traded SHFE aluminum should be vulnerable at RMB 14,500/mt.