SMM Brief on SHFE Aluminum Futures (2013-4-10)

SHANGHAI, Apr. 10 (SMM) – SHFE 1306 aluminum contract opened slightly higher at RMB 14,665/mt on Wednesday. The most active aluminum contract pulled back to fluctuate between the 10-day and 20-day moving averages after touching a high of RMB 14,700/mt. Finally, SHFE aluminum for June delivery settled at RMB 14,670/mt, up RMB 20/mt or 0.14%. Positions contracted 1,672 lots to 86,650 lots. The price rise was due to short-covering for the most part and upward momentum is fading. In this context, the most-traded SHFE aluminum contract will unlikely break through RMB 14,700/mt in the short term.