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.