SHFE 1611 Aluminum Rebounds After Big Loss (2016-9-26)

SHANGHAI, Sep. 26 (SMM) – On last Friday’s night trading, SHFE 1611 aluminum climbed to RMB 12,510/mt after opening at RMB 12,495/mt, ending at RMB 12,465/mt.     

On Monday, the most active contract tumbled to RMB 12,320/mt due to exit of longs after opening at RMB 12,465/mt. But, the contract then rebounded on short covering, and ended at RMB 12,420/mt. Trading volumes were down 25,082 lots to 161,000 lots, and positions were down 15,146 lots to 168,408. Falling aluminum stocks in China’s major markets will allow SHFE aluminum to fluctuate at highs in the short term.