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SHFE Aluminum Range-Bound on Quiet Macro Front (Oct. 24, 2014)
Oct 24, 2014 17:29Source:SMM
On Thursday night, SHFE 1412 aluminum contract crept higher to RMB 13,860/mt after starting at RMB 13,750/mt, and finished the night session at RMB 13,785/mt.
SHANGHAI, Oct. 24 (SMM) – On Thursday night, SHFE 1412 aluminum contract crept higher to RMB 13,860/mt after starting at RMB 13,750/mt, and finished the night session at RMB 13,785/mt. Trading volumes totaled 18,060 lots, with positions down 1,798 lots to 97,978 lots.
On Friday, the most active contract hovered below the daily moving average in the morning, but rose to RMB 13,800/mt in the afternoon as some short sellers closed positions. Finally, December aluminum on the SHFE closed at RMB 13,785/mt. Trading volumes totaled 22,552 lots, with positions down 1,836 lots to 96,142 lots. Prices are expected to be range-bound for the short term.
SHFE aluminum prices
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