SHANGHAI, Aug. 27 (SMM) – On Tuesday night, SHFE 1411 aluminum contract hit a new high of RMB 14,520/mt after starting higher at RMB 14,480/mt. The contract, however, fell back to finish at RMB 14,460/mt due to profit taking at highs. Trading volumes totaled 25,410 lots, with positions up 3,718 lots to 133,698 lots.
On Wednesday, the most active contract drifted without direction before ending the day at RMB 14,460/mt. Trading volumes totaled 25,388 lots, with positions up 3,192 lots to 136,890 lots. The contract is expected to challenge resistance at RMB 14,500/mt.