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

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.