SMM Brief on SHFE Aluminum Futures (2014-3-26)

SHANGHAI, Mar. 26 (SMM) – The most active SHFE 1406 aluminum contract price dipped to RMB 12,905/mt after gapping higher at RMB 12,950/mt, and closed at RMB 12,925/mt in Tuesday’s night session. During the trading hours, trading volumes were 11,240 lots, while positions were off 342 lots to 118,826 lots. SHFE aluminum prices fell further to RMB 12,850/mt on Wednesday, but later recovered early losses to end up RMB 135/mt, or 1.05%, at RMB 12,940/mt. Trading volumes totaled 16,294 lots, and positions shrunk 1,576 lots to 117,250 lots on Wednesday. With positive technical indicators, SHFE 1406 aluminum contract prices look set to test resistance at the 10-day moving average and the RMB 13,000/mt mark.