SMM Brief on SHFE Aluminum Futures: Prices Buck Trend, but Later Erase Gains (2013-4-11)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Prices Buck Trend, but Later Erase Gains (2013-4-11)

SMM Insight 05:01:48PM Apr 11, 2013 Source:SMM

SHANGHAI, Apr. 11 (SMM) – SHFE 1306 aluminum contract opened slightly lower at RMB 14,655/mt on Thursday. The most active aluminum contract jumped to RMB 14,790/mt in early morning session, but later erased gains as longs liquidated positions at highs. Finally, SHFE aluminum for June delivery finished at RMB 14,740/mt, up RMB 65/mt or 0.44%. Positions contracted 3,486 lots to 83,164 lots. It is speculated that measures will be introduced to tackle existing excess capacity, forcing shorts to exit the market and helping SHFE aluminum buck the trend by rising among base metals. Nevertheless, gains were constrained by weak fundamentals. The most-traded SHFE aluminum contract is expected to test support at RMB 14,700/mt in the short term.
 

SMM Brief on SHFE Aluminum Futures: Prices Buck Trend, but Later Erase Gains (2013-4-11)

SMM Insight 05:01:48PM Apr 11, 2013 Source:SMM

SHANGHAI, Apr. 11 (SMM) – SHFE 1306 aluminum contract opened slightly lower at RMB 14,655/mt on Thursday. The most active aluminum contract jumped to RMB 14,790/mt in early morning session, but later erased gains as longs liquidated positions at highs. Finally, SHFE aluminum for June delivery finished at RMB 14,740/mt, up RMB 65/mt or 0.44%. Positions contracted 3,486 lots to 83,164 lots. It is speculated that measures will be introduced to tackle existing excess capacity, forcing shorts to exit the market and helping SHFE aluminum buck the trend by rising among base metals. Nevertheless, gains were constrained by weak fundamentals. The most-traded SHFE aluminum contract is expected to test support at RMB 14,700/mt in the short term.