SHFE Aluminum Falls Back as Longs Exit (2016-1-25)

SHANGHAI, Jan. 25 (SMM) – SHFE 1603 aluminum opened at RMB 10,800/mt on Monday. The most active contract dropped to RMB 10,680/mt as longs took profit at highs, but then recovered some losses due to short covering. Finally, the contract ended at RMB 10,710/mt. Trading volumes were down 6,942 to 191,878, and positions were down 15,760 to 211,656. Tight supply in China’s spot market encouraged investors to open long positions on the SHFE. Positions of SHFE 1604 aluminum contract increased sharply.