SHFE 1707 Aluminum Falls on Short Selling (2017-5-18)

SHANGHAI, May 18 (SMM) – SHFE 1707 aluminum opened at RMB 14,040/mt on Thursday. Short selling sent prices down to RMB 13,905/mt. The most active contract returned to RMB 13,965/mt in the afternoon, but then fell back again due to exit of longs, ending at RMB 13,930/mt. Trading volumes fell to 162,400 lots, and positions increased 1,662 lots to 266,386 lots. SHFE 1707 aluminum should hover around the 10-day moving average and test support at RMB 13,900/mt during today’s night session.