SHFE Aluminum Falls Back After Initial Gains (2017-5-5)  

SHANGHAI, May 5 (SMM) – SHFE 1706 aluminum opened at RMB 13,910/mt on Friday, climbing to RMB 14,015/mt before falling back to near the 5-day moving average. The most active contract moved around RMB 13,970/mt in the afternoon, and ended at RMB 13,950/mt, with trading volumes down to 263,886 lots, and positions down 12,634 lots to 228,848 lots. Positions of SHFE 1707 aluminum increased 14,672 lots to 217,142 lots. Rumor circulates that Shandong has released capacity cut document, which will boost SHFE aluminum. SHFE 1706 aluminum should rise to RMB 13,800-14,250/mt next week.