SMM Brief on SHFE Aluminum Futures (2013-11-19)

SHANGHAI, Nov. 19 (SMM) – January aluminum on the SHFE, the most active one, opened at RMB 14,260/mt on Tuesday. Falling base metals prices ignited bearish sentiment, pulling SHFE 1401 aluminum contract down below the 10-day moving average in the morning session and down further below RMB 14,200/mt in the afternoon. Finally, the light metal finished 0.25% lower at RMB 14,185/mt. Trading volumes dropped 574 lots to 4,904 lots, but positions added 380 lots to 45,070 lots. SHFE 1402 aluminum contracts may shift to the new most active contract soon. The arrival of off-season and growing new capacity as well as a lack of positive news dragged aluminum prices down.