SHFE Aluminum Sees Strong Resistance among Metals, SMM Reports

Published: Apr 7, 2017 17:01

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May Aluminum Contract on the SHFE only fell 0.8% on Friday despite the nosedive of ferrous and other nonferrous metals.

SHANGHAI, Apr. 7 (SMM) - May Aluminum Contract on the SHFE only fell 0.8% on Friday despite the nosedive of ferrous and other nonferrous metals.

Breaking News: What Triggers Wide-Spread Declines in China Base Metals Market on Friday? SMM Reports

SHFE aluminum for May delivery opened at 13,975 yuan per tonne, and dipped to 13,940 yuan per tonne at one point with the drag of other metals. Aluminum witnessed strong resistance, and finished the day at 14,005 yuan per tonne with short covering at the end of trading.

SHFE aluminum will hover at highs in the near term, SMM foresees. Prices will fluctuate around 14,000 yuan per tonne level this evening.

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