SHFE 1606 Aluminum Resistant to Declines (2016-4-20)

SHANGHAI, Apr. 20 (SMM) – On Tuesday’s night session, SHFE 1606 aluminum hit RMB 12,115/mt after opening at RMB 12,055/mt, and finally ended at RMB 12,110/mt. 

On Wednesday, SHFE 1606 aluminum started at RMB 12,110/mt, and dived to RMB 12,035/mt in the afternoon after Chinese stock market tumbled. But the most active contract then rebounded on short covering, and ended up RMB 80/mt at RMB 12,075/mt. Trading volumes were up 23,038 lots to 149,904 lots, and positions were down 18,802 to 249,360. Positions of SHFE 1608 aluminum were up 6,000. Market sentiment remains positive, despite falling Chinese stock market. SHFE aluminum will move at highs in the near term