SHFE Aluminum Rebounds on Profit-Taking by Shorts (Nov. 20, 2015)

SHANGHAI, Nov. 20 (SMM) –SHFE 1601 aluminum opened at RMB 9,760/mt on Friday. The contract hit a high of RMB 10,090/mt in the afternoon as more shorts took profit, but then gave back some earlier gains due to exit of longs. Finally, SHFE 1601 aluminum contract ended up RMB 115/mt at RMB 9,935/mt, with strong resistance at the 5-day moving average. Trading volumes totaled 486,316 lots, and positions were down 24,064 to 221,828. SHFE 1602 aluminum contract became the most active one today.