SMM Brief on SHFE Aluminum Futures: (2013-7-23)

SHANGHAI, Jul. 23 (SMM) – SHFE 1310 aluminum contract opened higher at RMB 14,420/mt on Tuesday, helped by rising LME aluminum prices overnight. The most active contract slipped below RMB 14,400/mt in the afternoon, but did recover most of earlier losses at the tail of the session due to dip-buying. SHFE aluminum for October delivery ended the day up RMB 45/mt or 0.31% at RMB 14,415/mt. Trading volumes increased, but positions decreased by 734 lots. SHFE three-month aluminum contract will test support at RMB 14,400/mt.