Rising SHFE Aluminum Lures Buyers in (Aug. 12, 2014)

SHANGHAI, Aug. 12 (SMM) – On Monday night, SHFE 1410 aluminum contract moved sidelines after starting higher at RMB 14,170/mt, and finished the night session at RMB 14,155/mt. Trading volumes totaled 23,106 lots, with positions up 3,170 lots to 147,762 lots. 

 

On Tuesday, the most active contract climbed to RMB 14,230/mt as some long buyers jumped in, but then pared gains to end at RMB 14,170/mt since some investors closed long positions. Trading volumes totaled 74,632 lots, with positions up 1,548 lots to 149,310 lots. The intense struggle between longs and shorts should keep the light metal within tight ranges.