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SMM Brief on SHFE Aluminum Futures: Prices Rebound on Short-Covering (2013-4-2)
Apr 2,2013 16:48CST
smm insight
Source:SMM
SHFE 1306 aluminum contract struggled at RMB 14,565/mt after opening at RMB 14,555/mt on Tuesday, as trading activity was quiet before the Chinese Qingming holiday.

SHANGHAI, Apr. 2 (SMM) – SHFE 1306 aluminum contract struggled at RMB 14,565/mt after opening at RMB 14,555/mt on Tuesday, as trading activity was quiet before the Chinese Qingming holiday. The most active aluminum contract did rebound at the tail of trading thanks to short-covering, and finally finished RMB 60/mt or 0.41% higher at RMB 14,605/mt. Positions shrank 1,158 lots to 91,026 lots. Longs and shorts will exit the market on the last trading day before the Chinese Qingming holiday to avoid risks, so the most-traded SHFE aluminum contract may lose support at RMB 14,600/mt tomorrow.
 
 

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