SHFE Aluminum Refreshes 6-Year Low (Aug. 19, 2015)-Shanghai Metals Market

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SHFE Aluminum Refreshes 6-Year Low (Aug. 19, 2015)

Price Review & Forecast 05:37:45PM Aug 19, 2015 Source:SMM

SHANGHAI, Aug. 19 (SMM) – Plunging Chinese A-share market caused SHFE 1510 aluminum to hit 6-year low of RMB 11,895/mt after opening lower at RMB 11,930/mt on Wednesday. The contract rebounded to its opening price on short-covering. In the afternoon, Chinese A-share staged a rally, allowing SHFE aluminum to recover earlier losses. Finally, the light metal ended down RMB 30/mt or 0.25% at RMB 11,965/mt. Trading volumes were up 9,156 lots to 25,354 lots, and positions were down 2,614 lots to 136,000 lots. Positions of SHFE 1511 aluminum grew 5,364 to 101,000, so November aluminum on the SHFE might become the most active one in the near future. The 5-day and 10-day moving averages will continue to pose strong resistance.  





SHFE Aluminum Refreshes 6-Year Low (Aug. 19, 2015)

Price Review & Forecast 05:37:45PM Aug 19, 2015 Source:SMM

SHANGHAI, Aug. 19 (SMM) – Plunging Chinese A-share market caused SHFE 1510 aluminum to hit 6-year low of RMB 11,895/mt after opening lower at RMB 11,930/mt on Wednesday. The contract rebounded to its opening price on short-covering. In the afternoon, Chinese A-share staged a rally, allowing SHFE aluminum to recover earlier losses. Finally, the light metal ended down RMB 30/mt or 0.25% at RMB 11,965/mt. Trading volumes were up 9,156 lots to 25,354 lots, and positions were down 2,614 lots to 136,000 lots. Positions of SHFE 1511 aluminum grew 5,364 to 101,000, so November aluminum on the SHFE might become the most active one in the near future. The 5-day and 10-day moving averages will continue to pose strong resistance.