SMM Brief on SHFE Aluminum Futures (2013-10-24)

SHANGHAI, Oct. 24 (SMM) – December aluminum on the Shanghai Futures Exchange (SHFE), the most active one, slipped to RMB 14,340/mt after opening lower at RMB 14,355/mt on Thursday, dragged down by falling LME aluminum overnight. The light metal, however, bounced back to RMB 14,395/mt later in the day on positive HSBC’s flash China manufacturing PMI for October, which hit a 7-month high of 50.9. Finally, SHFE aluminum for January delivery closed at RMB 14,390/mt. Trading volumes contracted 4,644 lots to 4,164 lots, while positions grew 108 lots to 59,058 lots.