SHFE Aluminum Finishes Lower (2016-12-13)

SHANGHAI, Dec. 13 (SMM) – On Tuesday, SHFE 1702 aluminum opened at RMB 13,385/mt and then advanced to RMB 13,440/mt briefly. The contract later dropped back to RMB 13,280/mt with entering of shorts and regained some previous lost ground before closing at RMB 13,300/mt with support at the 5 and 10-day moving averages. Trading volumes fell 131,000 to 225,000 lots and positions dropped 2,242 to 258,702. Meeting among aluminum producers made limited affect to market. Inventory of aluminum ingot kept rising.

SHFE 1702 aluminum will test support and will keep ranging at current price on Tuesday’s night trading.