SHANGHAI, May 18 (SMM) – On Tuesday’s night trading, SHFE 1607 aluminum fell to RMB 12,330/mt after opening at RMB 12,365/mt. But prices then rallied to RMB 12,460/mt before ending at RMB 12,420/mt.
On Wednesday, SHFE 1607 aluminum rose to RMB 12,440/mt after opening at RMB 12,415/mt. But the most active contract then fell quickly to RMB 12,260/mt as base metals dived across the board. SHFE 1607 aluminum finally ended down RMB 90/mt at RMB 12,270/mt. Trading volumes were down 28,448 lots to 191,306 lots, and positions were down 5,330 to 273,490. SHFE 1607 aluminum dropped below the 20-day moving average, but found support at the 5-day and 10-day moving averages.