SHFE Aluminum Rebounds After Slump (2017-5-4)  

SHANGHAI, May 4 (SMM) – SHFE 1706 aluminum opened at RMB 13,935/mt on Thursday, down to RMB 13,855/mt before bouncing back to near the daily moving average. Iron ore futures prices hit daily downside limit in the afternoon, which dragged SHFE 1706 aluminum down to RMB 13,750/mt. The most active contract then rebounded, ending at RMB 13,890/mt, with trading volumes up to 281,382 lots, and positions down 4,096 lots to 241,482 lots. Positions of SHFE 1707 aluminum increased 10,392 lots to 202,470 lots. SHFE aluminum was resistant to declines due to market speculation over policy. SHFE 1706 aluminum will rise if it could hold onto RMB 13,700/mt.