SHANGHAI, Apr. 11 (SMM) – On Tuesday, SHFE 1706 aluminum, becoming the most actively traded one, opened at RMB 14,065/mt and then declined slightly to RMB 14,005/mt. The contact later fluctuated at around RMB 14,040/mt. During the afternoon trading, SHFE 1706 aluminum fell below the 10, 20 and 40-day moving averages to RMB 13,935/mt as shorts strengthened. The contract climbed above the 20-day moving average at the tail of trading and closed at RMB 13,980/mt. Positions of all SHFE aluminum contracts fell 14,150 to 739,880.
SHFE 1706 aluminum will fluctuate at around RMB 14,000/mt for the near term.