SMM Brief on SHFE Aluminum Futures: Prices Remain Low on Poor Sentiment (2013-6-27)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Prices Remain Low on Poor Sentiment (2013-6-27)

Price Review & Forecast 03:57:52PM Jun 27, 2013 Source:SMM

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. 
 

SMM Brief on SHFE Aluminum Futures: Prices Remain Low on Poor Sentiment (2013-6-27)

Price Review & Forecast 03:57:52PM Jun 27, 2013 Source:SMM

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.