SHFE Aluminum Closes with Losses (2016-10-19)

Published: Oct 19, 2016 17:58

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SHFE 1612 aluminum started at RMB 12,730/mt and ended at RMB 12,590/mt.

SHANGHAI, Oct. 19 (SMM) – On Tuesday’s night trading, SHFE 1612 aluminum opened at RMB 12,735/mt and broke through the 5-day moving average to RMB 12,815/mt with long buying. But the contract dropped back to RMB 12,700/mt with exit of longss. SHFE 1612 aluminum ended at RMB 12,725/mt.

On Wednesday, SHFE 1612 aluminum started at RMB 12,730/mt, and then dropped due to exit of longs. The contract continued falling and hit a intraday low of RMB 12,560/mt with entering of shorts. SHFE 1612 aluminum later rebounded to the 10-day moving average due to short covering, but declined again because of entering of shorts before ending at RMB 12,590/mt. Trading volumes were up to 189,492 lots and positions were down 7,996 to 236,698, mainly closed by longs.

SHFE 1612 aluminum should keep fluctuating for the nearing future.

SHFE aluminum LME aluminum aluminum prices

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