SHANGHAI, Nov. 25 (SMM) – On Thursday’s night trading, SHFE 1701 aluminum opened at RMB 13,900/mt and then dropped to RMB 13,770/mt. The contract later rallied with short recovering and tested the 5-day moving average. The contract finally closed at RMB 13,875/mt.
On Friday, SHFE 1701 aluminum started at RMB 13,860/mt and dropped to RMB 13,715/mt with exit of longs before finding support at the 10-day moving average. The contract swung below the moving average with shorts dominating market. SHFE 1701 aluminum rebounded with short recovering before the afternoon trading and increased at the tail of trading due to entering of longs. The contract finally ended at RMB 13,825/mt. Trading volumes fell to 163,000 lots and positions rose 898 to 220,422.
SHFE 1701 aluminum will hover at highs for the nearing future.