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SMM Brief on SHFE Aluminum Futures: Gains Tempered by Shrinking Trading Volumes (2013-7-9)
Jul 9,2013 17:10CST
price review forecast
Source:SMM
SHFE 1310 aluminum contract opened slightly higher at RMB 14,260/mt on Tuesday.

SHANGHAI, Jul. 9 (SMM) – SHFE 1310 aluminum contract opened slightly higher at RMB 14,260/mt on Tuesday. In the morning session, SHFE three-month aluminum contract was stagnant at its opening price as China’s rising June CPI kept investors cautious. In the afternoon, the most active SHFE aluminum contract advanced to RMB 14,300/mt due to the pullback in the US dollar index, but then surrendered earlier gains as shorts closed positions at highs. Finally, SHFE aluminum for October delivery ended the day up RMB 5/mt or 0.04% at RMB 14,225/mt. Trading volumes were off 1,618 lots to 17,730 lots, and positions also decreased 934 lots to 215,188 lots. SHFE 1310 aluminum contract is expected to move within a RMB 14,200-14,300/mt price band. 

 

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