SHFE 1607 Aluminum Ends with losses (2016-5-6)

SHANGHAI, May 6 (SMM) – On Thursday’s night trading, SHFE 1607 aluminum climbed to RMB 12,535/mt after opening at RMB 12,490/mt. But prices then fell back to RMB 12,250/mt as firm dollar dragged down LME aluminum, and finally ended at RMB 12,300/mt.   

On Friday, SHFE 1607 aluminum dipped to RMB 12,205/mt after opening at RMB 12,300/mt. The contract then rallied to RMB 12,400/mt, and finally ended down RMB 155/mt at RMB 12,340/mt. Trading volumes were up 114,000 lots to 274,898 lots, and positions were down 10,182 to 270,046. The most active contract has found support at the 20-day moving average. US non-farm payrolls are expected to be weak, which will give US dollar no rising strength.