SHANGHAI, Nov. 24 (SMM) – On Thursday, SHFE 1701 aluminum opened at RMB 14,110/mt and then dropped to RMB 14,045/mt. The contract rallied to RMB 14,330/mt, the highest level on Wednesday’s night trading, supported by other base metals. SHFE 1701 aluminum later dropped briefly and broke through Wednesday night trading’s highest level to RMB 14,350/mt. Other base metals fluctuated at around their daily upward limits. SHFE 1701 aluminum dropped to the moving average due to soft spot aluminum in China’s market. During the afternoon trading, SHFE 1701 aluminum fluctuated above the moving average with struggling between longs and shorts. The contract plumped to RMB 14,030/mt at the tail of trading, hurt by positions closing by longs, and finally closed at RMB 14,075/mt. Trading volumes increased 207,000 to 560,262 lots and positions fell 2 to 193,644.
SHFE 1712 aluminum, becoming the most actively traded one opened at RMB 14,000/mt and then advanced to RMB 14,090/mt. The contract declined after meeting resistance, down as low as RMB 13,850/mt, and finally ended at RMB 13,900/mt. Positions increased 16,130 to 219,524. Positions of all SHFE aluminum contracts were up 27,208.
SHFE 1701 aluminum is expected to keep fluctuating for the short term.