SHFE 1610 Aluminum Jumps on Long Buying (2016-8-8)

SHANGHAI, Aug. 8 (SMM) –Last Friday’s night trading, SHFE 1610 aluminum advanced to RMB 12,335/mt after opening at RMB 12,235/mt. Prices then fell back due to profit-taking by longs, closing at RMB 12,285/mt. 

On Monday, SHFE 1610 aluminum opened at RMB 12,290/mt, swinging between gains and losses due to intense game between longs and shorts. A wave of long buying before the closing bell pushed the most active contract up to an intraday high of RMB 12,395/mt, closing the day at RMB 12,385/mt. Trading volumes were up 34,930 lots to 171,128 lots, and positions were up 16,874 to 195,008. SHFE 1610 aluminum has climbed above the 20-day moving average and looks set to challenge RMB 12,500/mt.