SHFE Aluminum Falls as Bearishness Prevails, More Declines Expected (Nov. 24, 2015)

SHANGHAI, Nov. 24 (SMM) –SHFE 1601 aluminum climbed to an intraday high of RMB 9,820/mt after opening at RMB 9,745/mt on Tuesday. The contract then moved down to RMB 9,655/mt due to exit of longs, but broke through RMB 9,800/mt later in the day on profit-taking by shorts. Finally, SHFE 1601 aluminum ended down RMB 105/mt at RMB 9,770/mt. Trading volumes of SHFE 1601 aluminum were down 790 lots to 397,298 lots, and positions were down 8,834 to 199,496. Positions of SHFE 1602 aluminum were up 48,354 to 280,714. Total positions of all SHFE aluminum contracts were up 51,738 to 797,008. SHFE 1601 aluminum is capped below all moving averages, and is expected to hit new lows due to flooding of shorts.