SHANGHAI, Nov. 4 (SMM) – On Thursday’s night trading, SHFE 1612 aluminum opened at RMB 13,490/mt and then fluctuated at around the daily moving average with fixed factors. The contract later advanced to RMB 13,540/mt but dropped at the tail of trading with short selling before closing at RMB 13,430/mt.
On Friday, SHFE 1612 aluminum started at RMB 13,435/mt and then dipped below the 10-day moving average to RMB 13,260/mt, hurt by entering of shorts. The contract later regained some lost ground with mixed factors. During the afternoon trading, SHFE 1612 aluminum dived to RMB 13,185/mt in a short time with short selling and finally ended at RMB 13,245/mt. Trading volumes increased to 287,006 lots and positions rose 11,452 to 203,836. Shorts took the upper hand around the 10-day moving average, indicating further decline for SHFE aluminum
SHFE 1612 aluminum is predicted to test support at the 10-day moving average on Friday’s night trading with negative technical indicators.