SHANGHAI, Nov. 22 (SMM) – On Monday’s night trading, SHFE 1701 aluminum opened at RMB 14,120/mt and then advanced to RMB 14,235/mt with positions opening by longs. The contract later fell to RMB 14,020/mt with exit of longs and finally ended at RMB 14,070/mt.
On Tuesday, SHFE 1701 aluminum started at RMB 14,095/mt and then volatilized in a large range. The contract dropped to daily low at RMB 14,055/mt after a slight rise and rallied from lows. During the afternoon trading, SHFE 1701 aluminum climbed to RMB 14,315/mt and then declined, hurt by positions opening by shorts before closing at RMB 14,020/mt. Trading volumes fell to 374,006 lots and positions decreased 11,698 to 191,742. SHFE 1702 aluminum became the most actively traded one on Tuesday.
SHFE 1701 aluminum is expected to keep hovering at highs for the short term, supported by firm spot aluminum in China’s domestic market.