SMM Brief on SHFE Aluminum Futures: Prices Rise But then Drop on Caution Before Bernanke Testimony (2013-7-17)

SHANGHAI, Jul. 17 (SMM) – SHFE 1310 aluminum contract opened at RMB 14,325/mt on Wednesday. The most active contract climbed to RMB 14,375/mt in the morning session due to long buying, but retreated in the afternoon session, and finally closed flat with the previous day at RMB 14,310/mt. Markets are staying cautious ahead of US Federal Reserve Chairman Bernanke’s testimony to the Congress due tonight. Positions fell 64 lots to 67,456 lots, and trading volumes also contracted 2,862 lots to 3,788 lots. SHFE aluminum for October delivery should hover near RMB 14,300/mt for the near term.