SHFE Aluminum Closes Higher (2017-2-15)

SHANGHAI, Feb. 15 (SMM) – On Wednesday, SHFE 1704 aluminum opened at RMB 14,285/mt and then climbed to RMB 14,500/mt briefly. The contract later dropped to RMB 14,420/mt after meeting resistance. During the afternoon trading, SHFE 1704 aluminum fluctuated for a short term and then dived to RMB 14,280/mt. The contact regained some lost ground and ended at RMB 14,280/mt. Trading volumes were up to 443,094 lots and position were down 1,046 to 322,038. SHFE 1702 aluminum closed at RMB 14,250/mt with settlement price at RMB 14,225/mt and delivery volumes at 83,900 mt.

SHFE 1704 aluminum meets pressure from RMB 14,500/mt and eyes should be on RMB 14,500/mt for a short term with amounts of capitals inflowing aluminum market.