SMM Brief on SHFE Aluminum Futures: Prices Pull back as Longs Take Profits at Highs (2013-4-12)

SHANGHAI, Apr. 12 (SMM) – SHFE 1306 aluminum contract opened slightly higher at RMB 14,750/mt on Friday. Later, the most active aluminum contract sank to RMB 14,700/mt as longs took profits at highs, and hovered near RMB 14,720/mt in the afternoon. Finally, SHFE aluminum for June delivery shed RMB 15/mt or 0.10% at RMB 14,715/mt. Positions shrank 2,232 lots to 80,932 lots. The downside space of the most active SHFE aluminum contract was limited, though it failed to break though the 30-day moving average. The most-traded SHFE aluminum contract should continue to test support at RMB 14,700/mt.