SHANGHAI, Nov. 29 (SMM) – On Monday’s night trading, SHFE 1702 aluminum opened at RMB 13,925/mt and then dropped to RMB 13,475/mt as other base metals dived. SHFE 1701 aluminum increased with falling panic sentiment but later met resistance at the moving average. The contract dropped further at the tail of trading and finally closed at RMB 13,640/mt.
On Monday, SHFE 1702 aluminum started at RMB 13,595/mt and then dropped. During the afternoon trading, SHFE 1702 aluminum fluctuated at around RMB 13,500/mt with market wary sentiment. SHFE 1702 aluminum declined further at the tail of trading, hurt by exit of longs, and finally ended at RMB 13,420/mt. Trading volumes increased 49,996 to 237,194 lots and positions rose 1,840 to 229,220. SHFE 1702 aluminum surrendered all previous gains seen in late November on Tuesday.
SHFE 1702 aluminum will be sensitive to drop for the short term with falling spot premiums in China’s market.