SMM Brief on SHFE Aluminum Futures: Bearish Sentiment Abates, Prices Resilient (2013-4-22)

SHANGHAI, Apr. 22 (SMM) – SHFE 1306 aluminum contract was mired in the morning session after opening higher at RMB 14,575/mt on Monday. In the afternoon, SHFE copper plummeted, sending the low-end prices of the most active SHFE aluminum contract down slightly. Finally, SHFE aluminum for June delivery closed at an intraday low of RMB 14,515/mt, down RMB 45/mt or 0.31%. Positions contracted 1,698 lots to 66,750 lots. The most-traded SHFE aluminum contract found support at RMB 14,500/mt as bearish sentiment has abated, and should move in tight ranges in the near term.