SMM Brief on SHFE Aluminum Futures: Prices Drift Lower after High Opening as Longs Refrain from Entering Market (2013-4-17)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Prices Drift Lower after High Opening as Longs Refrain from Entering Market (2013-4-17)

SMM Insight 04:29:39PM Apr 17, 2013 Source:SMM

SHANGHAI, Apr. 17 (SMM) – LME aluminum staged a strong rally overnight, but SHFE 1306 aluminum contract failed to rise as sharply as LME aluminum did. The most active SHFE aluminum contract opened higher at RMB 14,610/mt on Wednesday, but pared some gains in early morning session. Finally, SHFE aluminum for June delivery closed at in intraday low of RMB 14,550/mt, a decrease of RMB 45/mt or 0.31%. Positions decreased 3,896 lots to 72,326 lots. The most-traded SHFE aluminum contract should test support at RMB 14,500/mt in the near term. 
 

SMM Brief on SHFE Aluminum Futures: Prices Drift Lower after High Opening as Longs Refrain from Entering Market (2013-4-17)

SMM Insight 04:29:39PM Apr 17, 2013 Source:SMM

SHANGHAI, Apr. 17 (SMM) – LME aluminum staged a strong rally overnight, but SHFE 1306 aluminum contract failed to rise as sharply as LME aluminum did. The most active SHFE aluminum contract opened higher at RMB 14,610/mt on Wednesday, but pared some gains in early morning session. Finally, SHFE aluminum for June delivery closed at in intraday low of RMB 14,550/mt, a decrease of RMB 45/mt or 0.31%. Positions decreased 3,896 lots to 72,326 lots. The most-traded SHFE aluminum contract should test support at RMB 14,500/mt in the near term.