SHANGHAI, Mar. 2 (SMM) – On Thursday, SHFE 1704 aluminum opened at RMB 14,225/mt and then dropped to RMB 14,080/mt. Later, the contract fluctuated at RMB 14,110/mt and rallied some previous lost ground with exit of shorts before closing at RMB 14,145/mt. Trading volumes dropped to 248,184 lots and positions fell 4,034 to 243,264. Positions of SHFE 1705 aluminum increased 11,406 to 240,888. As environmental policy will be implemented in Q4, SHFE 1704 aluminum will challenge RMB 14,500/mt in a midterm. However, with rising spot inventory, market players are suggested to eye on a possible decline.
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