SHFE Aluminum Range-Bound on Quiet Macro Front (Oct. 27, 2014)

SHANGHAI, Oct. 27 (SMM) – Last Friday night, SHFE 1412 aluminum contract was range-bound after starting at RMB 13,730/mt, and finished the night session at RMB 13,765/mt. Trading volumes totaled 7,208 lots, with positions down 314 lots to 95,828 lots. 

 

On Monday, falling home prices in China’s medium and large cities continued to dampen market sentiment. As a result, the most active contract continued to hover below the daily moving average and closed at RMB 13,745/mt. Trading volumes totaled 15,180 lots, with positions down 2,342 lots to 93,486 lots. Prices are expected to be range-bound for the short term.