SHFE 1607 Aluminum Loses Key Support Level (2016-5-25)

Published: May 25, 2016 16:59

Save

On Tuesday’s night trading, SHFE 1607 aluminum climbed to RMB 12,380/mt due to short covering after opening at RMB 12,355/mt.

SHANGHAI, May 25 (SMM) – On Tuesday’s night trading, SHFE 1607 aluminum climbed to RMB 12,380/mt due to short covering after opening at RMB 12,355/mt. But prices then fell back to RMB 12,140/mt before ending at RMB 12,210/mt.

On Wednesday, short selling sent SHFE 1607 aluminum down to RMB 12,000/mt after starting at RMB 12,210/mt. Finally, the most active contract ended at RMB 12,065/mt. Trading volumes were up 131,000 lots to 302,810 lots, and positions were down 19,990 to 233,592. SHFE 1607 aluminum has lost support at the 40-day moving average, and KDJ is pointing downward, suggesting more declines on the way. The contract should look for floor at the 60-day moving average.

Al price aluminum prices SHFE aluminum prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn