SHFE 1608 Aluminum Rises on Long Buying (2016-6-21)

SHANGHAI, Jun. 21 (SMM) – On Monday’s night trading, SHFE 1608 aluminum fell to RMB 12,095/mt after opening at RMB 12,165/mt, and ended at RMB 12,125/mt.   

On Tuesday, exit of shorts pushed SHFE 1608 aluminum up after opening at RMB 12,125/mt. Long buying in the afternoon pushed the most active contract up further to RMB 12,215/mt before ending at RMB 12,205/mt. Trading volumes were up 25,274 lots to 217,738 lots, and positions were down 1,948 to 201,490. Falling aluminum stocks and a softer US dollar allowed SHFE aluminum to rise. But investors should be alert to possible selling pressure at highs from smelters for hedging purpose.