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SMM Brief on SHFE Aluminum Futures: Prices Remain Low on Poor Sentiment (2013-6-27)
Jun 27,2013 15:57CST
price review forecast
Source:SMM
The Shanghai Composite Index has little upward momentum today, leaving prices for SHFE base metals mixed.

SHANGHAI, Jun. 27 (SMM) – The Shanghai Composite Index has little upward momentum today, leaving prices for SHFE base metals mixed. SHFE 1310 aluminum contract broke through the 5-day moving average to an intraday high of RMB 14,320/mt after opening at RMB 14,245/mt on Thursday. Later, the struggle between longs and shorts left the most active SHFE aluminum contract hovering below the 5-day moving average. Finally, the most actively traded SHFE aluminum contract gained RMB 50/mt or 0.35% to end at RMB 14,290/mt. Trading volumes contracted 1,730 lots to 6,712 lots, but positions increased 582 lots to 70,448 lots. Absent positive news, SHFE aluminum for October delivery is expected to remain weak. 
 

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