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

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.