SMM Brief on SHFE Aluminum Futures: Prices Stage Strong Rally on Short-Covering (2013-4-8)
SHANGHAI, Apr. 8 (SMM) – SHFE 1306 aluminum contract found its low at RMB 14,555/mt after starting the day slightly higher at RMB 14,570/mt on Monday. In the afternoon, the most active aluminum contract broke through resistance at RMB 14,600/mt on short-covering, and finally closed at an intraday high of RMB 14,650/mt, up RMB 95/mt or 0.65%. Positions shrank 1,514 lots to 88,878 lots. Longs are cautious about buying, so SHFE aluminum for June delivery is expected to test support at RMB 14,600/mt.
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