SMM Brief on SHFE Aluminum Futures: Prices Resilient on Short-Covering, but Gains Limited (2013-4-16)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Prices Resilient on Short-Covering, but Gains Limited (2013-4-16)

SMM Insight 05:22:05PM Apr 16, 2013 Source:SMM

SHANGHAI, Apr. 16 (SMM) – SHFE 1306 aluminum contract opened at RMB 14,550/mt on Tuesday as LME aluminum reversed losses overnight. The most active aluminum contract retreated to RMB 14,460/mt along with SHFE copper in early session, but later rebounded on short-covering.  Finally, SHFE aluminum for June delivery closed RMB 15/mt or 0.10% higher at RMB 14,560/mt. Positions decreased 2,542 lots to 76,222 lots. The most-traded SHFE aluminum contract should test resistance at RMB 14,600/mt as pressure from shorts has eased some. 
 

SMM Brief on SHFE Aluminum Futures: Prices Resilient on Short-Covering, but Gains Limited (2013-4-16)

SMM Insight 05:22:05PM Apr 16, 2013 Source:SMM

SHANGHAI, Apr. 16 (SMM) – SHFE 1306 aluminum contract opened at RMB 14,550/mt on Tuesday as LME aluminum reversed losses overnight. The most active aluminum contract retreated to RMB 14,460/mt along with SHFE copper in early session, but later rebounded on short-covering.  Finally, SHFE aluminum for June delivery closed RMB 15/mt or 0.10% higher at RMB 14,560/mt. Positions decreased 2,542 lots to 76,222 lots. The most-traded SHFE aluminum contract should test resistance at RMB 14,600/mt as pressure from shorts has eased some.