SHANGHAI, Mar. 28 (SMM) – On Tuesday, SHFE 1705 aluminum started at RMB 13,680/mt and then dipped to RMB 13,540/mt as shorts strengthened. The contract later rallied to RMB 13,705/mt due to shorts taking profits and declined again to RMB 13,615/mt with exit of longs. SHFE 1705 aluminum ended at RMB 13,650/mt. Trading volumes dropped 690 to 327,854 lots and positions fell 17,834 to 287,524. Positions of all SHFE aluminum contracts dropped 20,088 to 709,620.
SHFE 1705 aluminum will keep falling in the foreseeable future but any decline will be limited.