SHANGHAI, Dec. 26 (SMM) – On Monday, SHFE 1702 aluminum opened at RMB 12,670/mt and then dipped to RMB 12,450/mt, hurt by positions opening by shorts. The contact later rallied and fluctuated above the moving average at the tail of trading before closing at RMB 12,640/mt. Trading volumes increased to 249,754 lots and positions fell 8,970 to 246,292. SHFE 1702 aluminum posted the smallest decline among base metals.
SHFE 1702 aluminum will not drop below RMB 12,500/mt this week and will increase.