SMM Brief on SHFE Aluminum Futures (2014-7-16)

SHANGHAI, Jul. 16 (SMM) – On Tuesday night, SHFE 1409 aluminum contract crept up to RMB 13,725/mt after starting at RMB 13,695/mt, but then pared gains on profit-taking to finish the night session at RMB 13,675/mt. Trading volumes totaled 45,212 lots, with positions up 3,024 lots to 146,204 lots. 

 

On Wednesday, China’s Q2 GDP growth accelerated more than expected to 7.5%. Upbeat data drove the most active SHFE aluminum contract all the way up to near a one-month peak of RMB 13,790/mt. Prices, however, surrendered some gains afterwards to end at RMB 13,740/mt. Trading volumes totaled 68,012 lots, with positions down 1,416 lots to 144,788 lots.