SHANGHAI, Aug. 14 (SMM) – On Wednesday night, SHFE 1410 aluminum contract dipped to RMB 14,095/mt after starting at RMB 14,145/mt, and finished the night session at RMB 14,115/mt. Trading volumes totaled 49,090 lots, with positions down 56 lots to 144,092 lots.
On Thursday, the most active contract briefly retreated below the 20-day moving average to RMB 14,075/mt before bouncing back to end at RMB 14,105/mt. Trading volumes totaled 43,326 lots, with positions down 7,612 lots to 136,480 lots. SHFE 1410 aluminum contract wiped out all the gains made for the week and is on track to test support at the 20-day moving averages. November aluminum on the SHFE is likely to become the most active contract in the near term.