SHFE 1610 Aluminum Falls as Longs Exit (2016-8-22)

SHANGHAI, Aug. 22 (SMM) –Last Friday’s night trading, profit-taking by longs sent SHFE 1610 aluminum down to RMB 12,540/mt after opening at RMB 12,600/mt. Prices then rebounded to RMB 12,625/mt, ending at RMB 12,585/mt. 

On Monday, SHFE 1610 aluminum moved down after opening at RMB 12,585/mt, and closed at RMB 12,375/mt. Trading volumes were up 27,348 lots to 195,852 lots, and positions were down 38,456 to 206,244. The most active contract will test support at the 40-day moving average due to exit of longs.