SHFE Aluminum Up on Positive China Manufacturing PMI, But Fall Afterwards due to Profit-Taking (Aug. 1, 2014)

Aug 1, 2014 18:14

On Thursday night, SHFE 1410 aluminum contract climbed to RMB 14,175/mt after starting at RMB 14,135/mt, but then fell back to finish the night session at RMB 14,015/mt.

SHANGHAI, Aug. 1 (SMM) – On Thursday night, SHFE 1410 aluminum contract climbed to RMB 14,175/mt after starting at RMB 14,135/mt, but then fell back to finish the night session at RMB 14,015/mt. Trading volumes totaled 84,826 lots, with positions down 1,182 lots to 159,358 lots.

On Friday, the most active contract rose to RMB 14,105/mt as China’s official manufacturing PMI and that released by HSBC both came in at 51.7. Prices, however, fell afterwards to end at RMB 14,035/mt as investors took profits ahead of the release of US nonfarm payrolls due tonight. Trading volumes totaled 41,948 lots, with positions down 1,424 lots to 157,934 lots.

SHFE aluminum prices

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SHFE Aluminum Up on Positive China Manufacturing PMI, But Fall Afterwards due to Profit-Taking (Aug. 1, 2014)

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