SMM Brief on SHFE Aluminum Futures (2013-11-20)

SHANGHAI, Nov. 20 (SMM) – January aluminum on the SHFE, the most active one, opened at RMB 14,205/mt on Wednesday. The contract crept higher on short-covering and rose further above the 5-day and 10-day moving averages after the Shanghai Composite Index returned above 2,200 points. Finally, the light metal finished up RMB 95/mt or 0.67% at RMB 14,285/mt. Trading volumes grew 1,644 lots to 6,548 lots, but positions fell 1,072 lots to 43,998 lots. The positions of SHFE 1401 aluminum contracts are only 100 lots less than those of SHFE 1402 aluminum contracts, meaning the latter may shift to the new most active contract tomorrow.