SHFE 1607 Aluminum Rebounds on Tumbling Inventories (2016-5-26)-Shanghai Metals Market

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SHFE 1607 Aluminum Rebounds on Tumbling Inventories (2016-5-26)

Price Review & Forecast 05:54:39PM May 26, 2016 Source:SMM

SHANGHAI, May 26 (SMM) – On Wednesday’s night trading, SHFE 1607 aluminum climbed to RMB 12,150/mt due to short covering after opening at RMB 12,095/mt. But prices then fell back to RMB 11,955/mt before ending at RMB 12,015/mt. 

On Thursday, SHFE 1607 aluminum fell to RMB 11,900/mt after starting at RMB 12,025/mt, but then rallied to RMB 11,970/mt. Aluminum stocks in China’s five major markets fell as much as 76,000 mt, triggering massive short covering. This sent prices up to RMB 12,195/mt, and finally ended up RMB 40/mt at RMB 12,185/mt. Trading volumes were down 10,558 lots to 292,252 lots, and positions were down 15,420 to 218,172. Positions of SHFE 1608 aluminum were up 9,858. 


 


SHFE 1607 Aluminum Rebounds on Tumbling Inventories (2016-5-26)

Price Review & Forecast 05:54:39PM May 26, 2016 Source:SMM

SHANGHAI, May 26 (SMM) – On Wednesday’s night trading, SHFE 1607 aluminum climbed to RMB 12,150/mt due to short covering after opening at RMB 12,095/mt. But prices then fell back to RMB 11,955/mt before ending at RMB 12,015/mt. 

On Thursday, SHFE 1607 aluminum fell to RMB 11,900/mt after starting at RMB 12,025/mt, but then rallied to RMB 11,970/mt. Aluminum stocks in China’s five major markets fell as much as 76,000 mt, triggering massive short covering. This sent prices up to RMB 12,195/mt, and finally ended up RMB 40/mt at RMB 12,185/mt. Trading volumes were down 10,558 lots to 292,252 lots, and positions were down 15,420 to 218,172. Positions of SHFE 1608 aluminum were up 9,858.