SHANGHAI, Jul. 14 (SMM) –On Monday night, SHFE 1509 aluminum rose above the 10-day moving average after opening at RMB 12,450/mt on positive news from Greece. However, the contract met strong resistance at RMB 12,500/mt and ended the night session at RMB 12,455/mt.
On Tuesday, SHFE 1509 aluminum contract rose at first, but then fell back below the 10-day moving average, ending at RMB 12,405/mt. Trading volumes totaled 20,162 lots, and positions were down 1,222 lots to 123,012 lots. Poor market fundamentals indicate that there is still room for prices to fall.