SHFE 1707 Aluminum Falls as Longs Withdraw (2017-5-24)  

SHANGHAI, May 24 (SMM) –SHFE 1707 aluminum dipped to RMB 13,950/mt due to short selling after opening at RMB 14,055/mt on Wednesday. Short-covering allowed the most active contract to recover some losses in the afternoon, ending at RMB 13,985/mt. Trading volumes decreased 22,300 lots to 164,190 lots, and positions decreased 13,196 lots to 242,952 lots. SHFE 1707 aluminum should continue struggling around moving averages in the short term since both longs and shorts are cautious.