SHANGHAI, Nov. 17 (SMM) – On Wednesday’s night trading, SHFE 1701 aluminum started at RMB 13,565/mt and then plumped to RMB 13,370/mt with positions opening by shorts. The contract regained some lost ground due to shorts taking profits and finally ended at RMB 13,430/mt.
On Thursday, SHFE 1701 aluminum opened at RMB 13,435/mt and then increased slightly. The contract later dived to RMB 13,275/mt, hurt by entering of shorts. During the afternoon trading, SHFE 1701 aluminum rallied due to exit of shorts and ended at RMB 13,430/mt. Trading volumes fell to 359,502 lots and positions reduced 5,074 to 212,194. SHFE 1701 aluminum gave up previous gains and the decline was higher than other base metals.
SHFE 1701 aluminum will lack of rallying strength and will move above the 20-day moving average with weakening fundamentals.