SMM Brief on SHFE Aluminum Futures: Prices Inch Down, Trading Activity Remain Lackluster (2013-7-4)

SHANGHAI, Jul. 4 (SMM) – Falling LME aluminum overnight caused SHFE 1310 aluminum contract to open lower at RMB 14,325/mt on Thursday. The most actively traded SHFE aluminum contract was stagnant at its opening price most of the morning session, and inched down to RMB 14,310/mt in the afternoon as short sellers increased. Finally, SHFE aluminum for October delivery ended the day at RMB 14,330/mt, down RMB 40/mt or 0.28%. Trading volumes of the most active SHFE aluminum contract contracted 2,226 lots to 14,170 lots, but positions increased 1,456 lots to 209,048 lots. SHFE 1310 aluminum contract is expected to remain stagnant tomorrow, testing support at RMB 14,300/mt.