SMM Brief on SHFE Aluminum Futures (2013-11-27)

SHANGHAI, Nov. 27 (SMM) – SHFE 1402 aluminum contract, the most active one, opened at RMB 14,070/mt on Wednesday. The Shanghai Composite Index and Shenzhen Component Index gained 0.82% and 0.92%, respectively, driving the light metal up to RMB 14,110/mt in the morning session. SHFE aluminum for February delivery, however, was dragged down by other base metals in the afternoon session to end the day RMB 5/mt or 0.04% lower at RMB 14,085/mt. Trading volumes fell 610 lots to 4,290 lots, while positions increased 1,120 lots to 51,582 lots. Some investors may step in after SHFE 1402 aluminum contract sinks to RMB 14,060/mt.