SHANGHAI, Nov. 15 (SMM) – On Monday’s night trading, SHFE 1701 aluminum opened at RMB 14,280/mt and then climbed to RMB 14,440/mt with positions opening by longs. US dollar index increased and LME aluminum thus dived, raising market wary sentiment. SHFE 1701 aluminum plumped to RMB 14,120/mt with exit of longs and finally closed at RMB 14,150/mt.
On Tuesday, SHFE 1701 aluminum started at RMB 14,180/mt and then increased before fluctuating, up to as high as RMB 14,395/mt. Iron ore and rebar futures prices dived to their daily downward limits, depressing market sentiment. Nonferrous metals thus dived. During the afternoon trading, SHFE 1701 aluminum fell below RMB 14,000/mt to RMB 13,725/mt. The contract finally ended at RMB 13,800/mt. Trading volumes fell to 597,190 lots and positions decreased 4,292 to 218,096. SHFE 1611 aluminum closed at RMB 14,985/mt with settlement price at RMB 15,110/mt, and delivery volumes were 12,950 mt.
SHFE 1701 aluminum is expected to open lower on Tuesday’s night trading.