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Home / Metal News / SHEF Aluminum Ends Lower (2017-3-24)

SHEF Aluminum Ends Lower (2017-3-24)

Mar 24, 2017 19:21

Source:SMM

SHFE 1705 aluminum started at RMB 13,825/mt and ended at RMB 13,695/mt.

SHANGHAI, Mar. 24 (SMM) – On Friday, SHFE 1705 aluminum started at RMB 13,825/mt and then dipped to RMB 13,700/mt as shorts strengthened. The contract later rallied to RMB 13,740/mt. During the afternoon trading, SHFE 1705 aluminum advanced to RMB 13,785/mt briefly and declined at the tail of trading, down as low as RMB 13,685/mt, hurt by positions opening by shorts. The contract ended at RMB 13,695/mt. Trading volumes dropped 62,038 to 321,262 lots and positions rose 9,740 to 304,162.

SHFE 1705 aluminum will test support at the 60-day moving average on Friday’s night trading. LME aluminum will be strong during European trading hours, allowing SHFE 1705 aluminum to move above the 60-day moving average.

SHFE aluminum

LME aluminum

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