SHFE Aluminum Ends Lower (2016-11-4)-Shanghai Metals Market

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SHFE Aluminum Ends Lower (2016-11-4)

Price Review & Forecast 07:11:06PM Nov 04, 2016 Source:SMM

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.

Price

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Aluminum Ingot
Apr.19
14050.0
40.0
(0.29%)
Alumina (Averaged)
Apr.19
2665.0
0.0
(0.00%)
Alumina-East
Apr.19
2680.0
0.0
(0.00%)
Alumina -Central
Apr.19
2670.0
0.0
(0.00%)
Alumina - North
Apr.19
2660.0
0.0
(0.00%)

SHFE Aluminum Ends Lower (2016-11-4)

Price Review & Forecast 07:11:06PM Nov 04, 2016 Source:SMM

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.