SHANGHAI, Mar. 17 (SMM) – SHFE 1605 aluminum started at RMB 11,230/mt overnight and grew to RMB 11,305/mt due to exit of shorts, to end at RMB 11,270/mt.
The contract climbed to RMB 11,365/mt during Thursday trading session owing to position closing by shorts and finally finished at RMB 11,340/mt, rising RMB 75/mt. Trading volumes dropped to 94,516 lots and positions reduced 6,878 to 223,070.
Positions decreased 7,242 for SHFE 1604 aluminum while those grew 4,114 for SHFE 1607 aluminum, a reflection of shorts turning their eyes to SHFE forward-month contracts. More rising strength is needed should SHFE 1605 aluminum break through the 10-day moving average.