SHFE 1611 Aluminum Extends Gains on Long Buying (2016-10-11)-Shanghai Metals Market

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SHFE 1611 Aluminum Extends Gains on Long Buying (2016-10-11)

Price Review & Forecast 05:29:39PM Oct 11, 2016 Source:SMM

SHANGHAI, Oct. 11 (SMM) –On Monday’s night trading, SHFE 1611 aluminum rose to RMB 12,645/mt after opening at RMB 12,600/mt, ending at RMB 12,640/mt. 
On Tuesday, SHFE 1611 aluminum slipped after opening at RMB 12,620/mt, but then rebounded to RMB 12,725/mt thanks to long buying. Finally, the most active contract ended at RMB 12,710/mt. Trading volumes were up 35,270 lots to 130,360 lots, and positions were up 16,984 lots to 196,636. Positions of all SHFE aluminum contracts were up 23,710 lots to 653,628 lots. Longs still dominated the market. SHFE 1611 aluminum might give back some gains during today’s night session as LME aluminum dived during the European trading hours.   

 

SHFE 1611 Aluminum Extends Gains on Long Buying (2016-10-11)

Price Review & Forecast 05:29:39PM Oct 11, 2016 Source:SMM

SHANGHAI, Oct. 11 (SMM) –On Monday’s night trading, SHFE 1611 aluminum rose to RMB 12,645/mt after opening at RMB 12,600/mt, ending at RMB 12,640/mt. 
On Tuesday, SHFE 1611 aluminum slipped after opening at RMB 12,620/mt, but then rebounded to RMB 12,725/mt thanks to long buying. Finally, the most active contract ended at RMB 12,710/mt. Trading volumes were up 35,270 lots to 130,360 lots, and positions were up 16,984 lots to 196,636. Positions of all SHFE aluminum contracts were up 23,710 lots to 653,628 lots. Longs still dominated the market. SHFE 1611 aluminum might give back some gains during today’s night session as LME aluminum dived during the European trading hours.