SMM Brief on SHFE Aluminum Futures (2013-10-23)

Price Review & Forecast 04:21:31PM Oct 23, 2013 Source:SMM

SHANGHAI, Oct. 23 (SMM) – December aluminum on the Shanghai Futures Exchange (SHFE) opened higher at RMB 14,450/mt on Wednesday. Longs took profits at highs, causing positions of SHFE 1312 aluminum contract to contract by over 3,000 lots before noon. As a result, SHFE 1401 aluminum contract became the most active one, which started higher at RMB 14,410/mt on market optimism that the US Federal Reserve will delay QE3 exit. SHFE aluminum for January delivery hit a high of RMB 14,430/mt in the morning session, but sank to RMB 14,380/mt in the afternoon due to the Shanghai Composite Index’s retreat from 2,200 points. Finally, SHFE 1401 aluminum contract ended up RMB 30/mt at RMB 14,395/mt. Trading volumes added 5,352 lots to 8,808 lots, and positions also grew 324 lots to 58,950 lots.
 

Key Words:  SHFE aluminum  

SMM Brief on SHFE Aluminum Futures (2013-10-23)

Price Review & Forecast 04:21:31PM Oct 23, 2013 Source:SMM

SHANGHAI, Oct. 23 (SMM) – December aluminum on the Shanghai Futures Exchange (SHFE) opened higher at RMB 14,450/mt on Wednesday. Longs took profits at highs, causing positions of SHFE 1312 aluminum contract to contract by over 3,000 lots before noon. As a result, SHFE 1401 aluminum contract became the most active one, which started higher at RMB 14,410/mt on market optimism that the US Federal Reserve will delay QE3 exit. SHFE aluminum for January delivery hit a high of RMB 14,430/mt in the morning session, but sank to RMB 14,380/mt in the afternoon due to the Shanghai Composite Index’s retreat from 2,200 points. Finally, SHFE 1401 aluminum contract ended up RMB 30/mt at RMB 14,395/mt. Trading volumes added 5,352 lots to 8,808 lots, and positions also grew 324 lots to 58,950 lots.
 

Key Words:  SHFE aluminum