SHFE Aluminum Ends Lower (2016-11-1)

Published: Nov 1, 2016 17:33

Save

SHFE 1612 aluminum opened at RMB 14,165/mt and closed at RMB 14,115/mt.

SHANGHAI, Nov. 1 (SMM) – On Monday’s night trading, SHFE 1612 aluminum started at RMB 14,145/mt and plumped to RMB 13,970/mt in a short time with exit of longs. The contract then advanced to RMB 14,255/mt, thanks to short covering, and hovered at highs. SHFE 1612 aluminum later dropped, hurt by leaving of longs, and finally closed at RMB 14,170/mt.

On Tuesday, SHFE 1612 aluminum opened at RMB 14,165/mt and fell to RMB 14,020/mt with short selling. But the contract later rallied to the daily moving average with short covering and then fluctuated in a small range before closing at RMB 14,115/mt. Trading volumes dropped to 224,166 lots and positions fell 16,754 to 188,092. Entering of longs helped SHFE 1612 aluminum up at present, but any rising strength was limited.

SHFE 1612 aluminum should hover at highs for the short term.

SHFE aluminum LME aluminum aluminum prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

3 mins ago

【SMM Aluminum Flash News】Indonesian aluminum giant Inalum calls for halt to new alumina and aluminum plant construction

Indonesian state-owned aluminum giant PT Inalum on Tuesday called on the government to halt new alumina and aluminum plant construction, citing concerns about oversupply and pressure on the country's bauxite reserves. Resource-rich Indonesia is keen to boost its domestic metals industry and has banned the export of raw ore to encourage investment in domestic factories.

3 mins ago

8 mins ago

【SMM Aluminum Flash News】Indian beer producer: Aluminum cans may be in short supply

According to foreign media reports, Indian beer producers have warned that beer prices will rise and supplies will be disrupted due to natural gas shortages caused by the Iranian conflict, which has led to delays in aluminum imports needed for canned beer production. India is the world's fourth-largest natural gas importer, with approximately 40% of its demand coming from Qatar, making it highly vulnerable to fuel supply disruptions. The Iranian attacks have disrupted some of Qatar's export capacity, further exacerbating the natural gas supply shortage for Indian manufacturers. Aluminum can suppliers have also warned that aluminum can supplies may decrease before the peak summer beer sales season.

8 mins ago

2 hours ago

【SMM Aluminum Flash News】Newtech Launches Annual 120M Automotive Chassis Parts Project, Focusing on R&D and Production

On March 28, Jiangsu Newtech Technology Group Co., Ltd. launched a project to produce 120 million automotive chassis parts annually, focusing on the research and development and production of various chassis parts.

2 hours ago