SHFE Aluminum to Closes Lower (2016-12-22)

SHANGHAI, Dec. 22 (SMM) – SHFE 1702 aluminum opened at RMB 12,885/mt and then fluctuated narrowly at around RMB 12,885/mt. The contract later dropped with exit of longs. During the afternoon trading, SHFE 1702 aluminum ranged at RMB 12,815/mt, down as low as RMB 12,770/mt, and finally closed at RMB 12,800/mt. Trading volumes fell to 212,028 lots and positions reduced 21,606 to 251,370. Shorts lacked of strength with strong spot aluminum in China’s market and longs also failed to pushing SHFE 1702 aluminum up.

SHFE 1702 aluminum will keep fluctuating for the foreseeable future.