SHFE Aluminum Ends Slightly Lower (Aug. 17, 2015)-Shanghai Metals Market

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SHFE Aluminum Ends Slightly Lower (Aug. 17, 2015)

Price Review & Forecast 04:48:26PM Aug 17, 2015 Source:SMM

SHANGHAI, Aug. 17 (SMM) – Entry of shorts caused SHFE 1510 aluminum to drop to RMB 12,020/mt after opening at RMB 12,100/mt on Monday. The most active contract recovered some losses before the closing bell rung, but still ended the day down RMB 40/mt or 0.33% at RMB 12,070/mt. Trading volumes were up 2,832 lots to 24,268 lots, and positions were down 464 lots to 139,546 lots. The 5-day moving average has crossed above the 10-day moving average, which will offer support to prices. However, the contract will lack upward momentum given bearish sentiment. The RMB 12,070/mt mark is to be tested.    




SHFE Aluminum Ends Slightly Lower (Aug. 17, 2015)

Price Review & Forecast 04:48:26PM Aug 17, 2015 Source:SMM

SHANGHAI, Aug. 17 (SMM) – Entry of shorts caused SHFE 1510 aluminum to drop to RMB 12,020/mt after opening at RMB 12,100/mt on Monday. The most active contract recovered some losses before the closing bell rung, but still ended the day down RMB 40/mt or 0.33% at RMB 12,070/mt. Trading volumes were up 2,832 lots to 24,268 lots, and positions were down 464 lots to 139,546 lots. The 5-day moving average has crossed above the 10-day moving average, which will offer support to prices. However, the contract will lack upward momentum given bearish sentiment. The RMB 12,070/mt mark is to be tested.