SMM Brief on SHFE Aluminum Futures: Prices Mired, Forward-Month Contracts Face Selling Pressure (2013-4-3)

SHANGHAI, Apr. 3 (SMM) – SHFE 1306 aluminum contract started the day at RMB 14,590/mt on Wednesday. The most active aluminum contract slipped to RMB 14,535/mt in early morning session, but later recovered some losses thanks to short-covering. SHFE aluminum for June delivery was mired in the afternoon, and finally settled down RMB 5/mt or 0.03% at RMB 14,565/mt. Positions shrank 634 lots to 90,392 lots. SHFE aluminum market was quiet on the last trading day before the three-day public holiday and the most-traded SHFE aluminum contract is expected to continue to test support at RMB 14,500/mt after the holiday.