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SMM Brief on SHFE Aluminum Futures (2013-7-12)
Jul 12,2013 21:04CST
price review forecast
Source:SMM
The US dollar index stopped falling overnight as positive news that the Fed will keep QE in place has faded, causing LME aluminum to pare gains.
SHANGHAI, Jul. 12 (SMM) – The US dollar index stopped falling overnight as positive news that the Fed will keep QE in place has faded, causing LME aluminum to pare gains. As such, SHFE 1310 aluminum contract opened flat at RMB14,390/mt on Friday. SHFE three-month aluminum contract sank below the 20-day moving average as longs closed positions, and finally finished at RMB 14,330/mt, down RMB 55/mt. Investors pulled out of the market ahead of the release of China’s 2Q GDP due early next week. Trading volumes fell 37,860 lots to 13,842 lots, and positions were also down 2,788 lots to 201,540 lots. The most active SHFE aluminum contract is expected continue to drop in the coming week, with weak support at RMB 14,300/mt.  
 
 
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