SHANGHAI, Nov. 3 (SMM) – On Thursday, SHFE 1612 aluminum opened at RMB 13,295/mt and then dipped below the 10-day moving average to RMB 13,295/mt with short selling. The contract rebounded from lows to RMB 13,475/mt, thanks to positions opening by longs, but fell again with entering of shorts and finally closed at RMB 13,410/mt. Trading volumes were down 33,888 to 260,894 lots and positions were up 4,908 to 192,384. Transport capacity remains tight. Downstream buyers delayed purchase against high prices, causing stocks in the market to keep growing .
SHFE 1612 aluminum should fluctuate around the 5 and 10-day moving averages for the short term with fixed factors, waiting for direction from market.