SHANGHAI, Aug. 21 (SMM) – On Wednesday night, SHFE 1410 aluminum contract started at RMB 14,220/mt before hitting the highest level since November 2013 at RMB 14,365/mt. The most active contract finished the night session at RMB 14,355/mt. Trading volumes totaled 87,572 lots, with positions up 6,634 lots to 232,212 lots.
On Thursday, the most active contract fell to RMB 14,265/mt as HSBC’s flash China manufacturing PMI slipped to 50.3 in August, and ended the day at RMB 14,345/mt. Trading volumes totaled 47,772 lots, with positions down 1,200 lots to 131,012 lots. Prices are expected to gather more steam since technical indicators are pointing upward.
