SHANGHAI, May 19 (SMM) – On Wednesday’s night trading, SHFE 1607 aluminum dipped to RMB 12,220/mt after opening at RMB 12,305/mt. But prices then rallied to RMB 12,400/mt before ending at RMB 12,380/mt.
On Thursday, SHFE 1607 aluminum rose to RMB 12,395/mt after opening at RMB 12,355/mt. But short selling sent the most active contract down to RMB 12,280/mt in the afternoon. Finally, the contract ended down RMB 35/mt at RMB 12,325/mt. Trading volumes were down 9,502 lots to 181,804 lots, and positions were down 7,078 to 266,412. Positions of SHFE 1608 aluminum were up 12,466. SHFE 1607 aluminum will move around the 10-day and 20-day moving averages in the near term.