Home / Metal News /  / SMM Brief on SHFE Aluminum Futures: Prices Plunge, Short Sellers Increase Positions (2013-7-8)
SMM Brief on SHFE Aluminum Futures: Prices Plunge, Short Sellers Increase Positions (2013-7-8)
Jul 8,2013 17:18CST
price review forecast
Source:SMM
Upbeat US non-farm payrolls in June announced last Friday fuelled fear that the US Federal Reserve will scale back QE soon.

SHANGHAI, Jul. 8 (SMM) – Upbeat US non-farm payrolls in June announced last Friday fuelled fear that the US Federal Reserve will scale back QE soon. This pushed the US dollar index higher, weighing LME aluminum down. As a consequence, SHFE 1310 aluminum contract opened lower at RMB 14,200/mt on Monday. SHFE three-month aluminum contract gave back gains immediately after climbing to RMB 14,250/mt, and finally ended the day at RMB 14,200/mt, down RMB 95/mt or 0.66%. Shorts increased positions out of pessimism over upcoming Chinese economic indicators for June. Trading volumes added 5,644 lots to 19,348 lots, and positions also increased 6,434 lots to 216,122 lots. SHFE aluminum for October delivery is expected to meet resistance at RMB 14,300/mt. 

 

latest SHFE aluminum prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn