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SHFE Aluminum Ends with Gains (2016-3-31)
Mar 31, 2016 17:09Source:SMM
SHFE 1605 aluminum opened at RMB 11,760/mt on Thursday.
SHANGHAI, Mar. 31 (SMM) – SHFE 1605 aluminum opened at RMB 11,760/mt on Thursday. Short covering pushed the most active contract up to RMB 11,790/mt, but prices then fell back to RMB 11,730/mt due to profit-taking by longs at highs. Finally, it ended up RMB 40/mt at RMB 11,775/mt. Trading volumes were up 7,832 lots to 115,298 lots, and positions were down 16,748 to 182,842. The most active contract has found solid support at the 5-day moving average, and will head for RMB 11,880/mt.
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