SHFE Aluminum Returns Above RMB 10,000/mt After Brief Retreat (Nov. 18, 2015)

Published: Nov 18, 2015 17:19

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The US dollar index shot up to near 100, exerting heavy downward pressure on base metals.

SHANGHAI, Nov. 18 (SMM) – The US dollar index shot up to near 100, exerting heavy downward pressure on base metals. SHFE 1601 aluminum fell below RMB 10,000/mt shortly after opening at RMB 10,070/mt on Wednesday. The contract rebounded later, but then dropped back again to an intraday low of RMB 9,930/mt. The most active contract moved around RMB 10,000/mt in the afternoon, and finally ended at RMB 10,025/mt, with resistance at the 5-day moving average. Trading volumes were down 41,670 lots to 246,388 lots, and positions were up 1,422 to 237,860. Longs and shorts will continue competing at RMB 10,000/mt mark in the near term.

Al price SHFE aluminum prices

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