SMM Brief on SHFE Aluminum Futures: Prices Move Lower After High Opening on Falling A-Shares (2013-6-26)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Prices Move Lower After High Opening on Falling A-Shares (2013-6-26)

Price Review & Forecast 04:29:44PM Jun 26, 2013 Source:SMM

SHANGHAI, Jun. 26 (SMM) – LME aluminum rebounded overnight following twelve straight days of losses, helping SHFE 1310 aluminum contract open higher at RMB 14,330/mt on Wednesday. However, the most active SHFE aluminum contract followed other base metals down as longs were pessimistic and as A-shares extended losses. Finally, SHFE aluminum for October delivery closed at RMB 14,240/mt, down RMB 20/mt or 0.14%. Trading volumes contracted 3,722 lots to 8,442 lots, but positions increased 1,470 lots to 69,866 lots. SHFE 1310 aluminum contract is capped under the 5-day moving average due to market pessimism, and is expected to hold stable at RMB 14,200/mt at the bottom.  
 

SMM Brief on SHFE Aluminum Futures: Prices Move Lower After High Opening on Falling A-Shares (2013-6-26)

Price Review & Forecast 04:29:44PM Jun 26, 2013 Source:SMM

SHANGHAI, Jun. 26 (SMM) – LME aluminum rebounded overnight following twelve straight days of losses, helping SHFE 1310 aluminum contract open higher at RMB 14,330/mt on Wednesday. However, the most active SHFE aluminum contract followed other base metals down as longs were pessimistic and as A-shares extended losses. Finally, SHFE aluminum for October delivery closed at RMB 14,240/mt, down RMB 20/mt or 0.14%. Trading volumes contracted 3,722 lots to 8,442 lots, but positions increased 1,470 lots to 69,866 lots. SHFE 1310 aluminum contract is capped under the 5-day moving average due to market pessimism, and is expected to hold stable at RMB 14,200/mt at the bottom.