SHANGHAI, Nov. 16 (SMM) – On Tuesday’s night trading, SHFE 1701 aluminum started at RMB 13,805/mt and then plumped below the 10-day moving average to RMB 13,625/mt., hurt by positions opening by shorts. The contract later rallied to RMB 13,880/mt with entering of longs and fluctuated, up to as high as RMB 13,890/mt, before closing at RMB 13,850/mt.
On Wednesday, SHFE 1701 aluminum opened at RMB 13,860/mt and dived below the 10-day moving average due to short selling. During the afternoon trading, SHFE 1701 aluminum dropped to RMB 13,485/mt and regained some lost ground, thanks to entering of longs. The contract later fluctuated and finally ended at RMB 13,600. Trading volumes fell to 431,322 lots and positions reduced 828 to 217,268.
SHFE 1701 aluminum will keep falling and find support at the 20-day moving average for the short term with negative sentiment.