SHFE Aluminum Ends at Intraday High on Long Buying (2016-1-22)

SHANGHAI, Jan. 22 (SMM) – SHFE 1603 aluminum opened at RMB 10,695/mt on Friday. The most active contract moved all the way up to RMB 10,815/mt due to long buying, but then fell back to RMB 10,785/mt. The contract then rebounded to end at an intraday high of RMB 10,815/mt. SHFE 1604 aluminum contract is expected to become the most active one soon. Trading volumes were up 77,520 to 198,820, and positions were up 3,626 to 227,416. Tight supply in China’s spot market encouraged investors to open long positions on the SHFE.