SMM Brief on SHFE Aluminum Futures: (2013-7-24)

SHANGHAI, Jul. 24 (SMM) – SHFE 1310 aluminum contract opened slightly higher at RMB 14,415/mt on Wednesday. Disappointing HSBC’s flash China manufacturing PMI for July dragged the most active contract down to RMB 14,360/mt. SHFE aluminum for October delivery recovered some earlier losses at the tail of the session before closing at RMB 14,380/mt, down RMB 20/mt or 0.14%. Positions decreased by 130 lots to 64,700 lots. Downbeat Chinese economic indicators have raised anticipation that the central government may roll out economic stimulus, driving investors to the sidelines. SHFE three-month aluminum contract will hover near RMB 14,350/mt.