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Home / Metal News / SHFE 1707 Aluminum Plunges on Profit-Taking by Longs (2017-5-22)  

SHFE 1707 Aluminum Plunges on Profit-Taking by Longs (2017-5-22)  

iconMay 22, 2017 17:20
Source:SMM
SHFE 1707 aluminum dived to RMB 13,960/mt due to short selling after opening at RMB 14,130/mt on Monday.

SHANGHAI, May 22 (SMM) –SHFE 1707 aluminum dived to RMB 13,960/mt due to short selling after opening at RMB 14,130/mt on Monday. The most active contract fell further to RMB 13,950/mt in the afternoon, ending at RMB 13,990/mt. Trading volumes increased to 243,462 lots, and positions decreased 11,146 lots to 254,118 lots. Poor market fundamentals will prevent SHFE aluminum from rising. SHFE 1707 aluminum should struggle around RMB 14,000/mt.    


 

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