SHANGHAI, Nov. 28 (SMM) – On Monday, SHFE 1702 aluminum started at RMB 13,810/mt and then advanced to RMB 14,030/mt quickly as SHFE 1701 lead and SHFE 1701 zinc increased to their daily upward limits. The contract later dived to RMB 13,785/mt, hurt by positions opening by shorts, and rallied before closing at RMB 13,975/mt. Trading volumes increased 23,882 to 187,198 lots and positions rose 6,958 to 227,380. Positions of SHFE 1701 aluminum fell 16,394. Base metals increased across the board, led by firm lead and zinc. SHFE 1702 aluminum was underperformed other base metals with negative fundamentals.
SHFE 1702 aluminum is expected to test RMB 14,000/mt, pushed by other rising base metals.