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SHFE Aluminum Rises on Alumina Output Cut Rumors (2016-1-11)

iconJan 11, 2016 17:22
Source:SMM
SHFE aluminum shot up on Monday due to rumors that a large Chinese alumina producer will shut down.

SHANGHAI, Jan. 11 (SMM) – SHFE aluminum shot up on Monday due to rumors that a large Chinese alumina producer will shut down. SHFE 1603 aluminum hit a high of RMB 10,885/mt after opening at RMB 10,745/mt. But the most active contract then fell back to close at RMB 10,815/mt due to profit-taking by longs. Positions of SHFE 1603 aluminum were down 3,346 to 354,386, and total positions of all SHFE aluminum contracts were down 7,174 to 709,068. Positive impact from rumors will be short-lived. Low-cost Chinese aluminum smelters are likely to open short positions for hedging purpose after SHFE aluminum rise to RMB 10,800-11,000/mt. As such, SHFE aluminum still faces downward pressure. 







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