SHANGHAI, Nov. 18 (SMM) – On Thursday’s night trading, SHFE 1701 aluminum opened at RMB 13,400/mt and then plumped to RMB 13,385/mt. The contract later rallied to RMB 13,550/mt, thanks to positions opening by longs, and finally ended at RMB 13,535/mt.
On Friday, SHFE 1701 aluminum started at RMB 13,530/mt and then dropped from highs. The contract later fluctuated above the moving average with exit of market players. During the afternoon trading, SHFE 1701 aluminum climbed to RMB 13,665/mt, thanks to entering of longs, and then gave up some previous gains at the tail of trading due to longs taking profits. The contract finally closed at RMB 13,665/mt. Trading volumes were up 662 to 360,164 lots and positions were down 11,126 to 201,068.
SHFE 1701 aluminum is predicted to range at around the 20-day moving average for the short term with market warty sentiment.