SHFE Aluminum Closes with Big Gains (2017-3-29)

SHANGHAI, Mar. 29 (SMM) – On Wednesday, SHFE 1705 aluminum opened at RMB 13,850/mt and then dipped to RMB 13,760/mt as shorts strengthened. Later, the contract rallied and regained previous lost ground at the tail of trading thanks to exit of shorts. SHFE 1705 aluminum ended at RMB 13,835/mt. Trading volumes fell to 305,598 lots and positions dropped 10,976 to 276,548. SHFE 1705 aluminum rallied to around the moving averages again on Wednesday.

The contract will keep fluctuating at around the moving averages for the foreseeable future with improving consumption. SHFE 1705 aluminum will meet resistance at RMB 14,000/mt but find support at RMB 13,500/mt.