SHFE 1611 Aluminum Trades Lower (2016-9-8)

SHANGHAI, Sep. 8 (SMM) – On Wednesday’s night trading, SHFE 1611 aluminum opened at RMB 12,025/mt, and fell below RMB 12,000/mt with shorts gathering strength, and ended at RMB 11,925/mt.    

On Thursday, SHFE aluminum started at RMB 11,935/mt and grew to RMB 12,055/mt on long buying. The price narrowly ranged above RMB 12,000/mt and dropped below RMB 12,000/mt later in the afternoon due to profit-taking by longs, to end at RMB 11,990/mt. Trading volumes were down to 114,328 lots, and positions were up 1,964 to 237,304. The most active contract will challenge RMB 12,000/mt during the night session.