SHFE Aluminum Ends Lower (2017-1-23)

SHANGHAI, Jan. 23 (SMM) – On Monday, SHFE 1703 aluminum opened at RMB 13,735/mt and then advanced to RMB 13,890/mt with positions closing by shorts. The contract later dropped back to RMB 13,760/mt, hurt by leaving of longs. During the afternoon trading, SHFE 1703 aluminum dipped to RMB 13,630/mt with falling trading volumes and finally closed at RMB 13,690/mt. Trading volumes were up to 476,428 lots and positions were down 1,982 to 294,896. Positions of all SHFE aluminum contracts increased 14,316 to 14,316. Market players have mixed opinions with various rumors.

SHEF 1703 aluminum will keep hovering at highs before 2017 Chinese New Year holiday.