SHFE 1707 Aluminum Falls Back After Initial Rise (2017-6-2)  -Shanghai Metals Market

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SHFE 1707 Aluminum Falls Back After Initial Rise (2017-6-2)  

Price Review & Forecast 04:57:28PM Jun 02, 2017 Source:SMM

SHANGHAI, Jun. 2 (SMM) – Short covering allowed SHFE 1707 aluminum to climb to RMB 13,875/mt after opening at RMB 13,805/mt on Friday. But, the most active contract then fell back to RMB 13,820/mt as some longs pulled out and fell further later in the day on short selling, ending at RMB 13,790/mt. Trading volumes decreased to 111,136 lots, and positions decreased 3,754 lots to 198,792 lots. SHFE 1707 aluminum should struggle around RMB 13,800/mt in the short term. 



 

SHFE 1707 Aluminum Falls Back After Initial Rise (2017-6-2)  

Price Review & Forecast 04:57:28PM Jun 02, 2017 Source:SMM

SHANGHAI, Jun. 2 (SMM) – Short covering allowed SHFE 1707 aluminum to climb to RMB 13,875/mt after opening at RMB 13,805/mt on Friday. But, the most active contract then fell back to RMB 13,820/mt as some longs pulled out and fell further later in the day on short selling, ending at RMB 13,790/mt. Trading volumes decreased to 111,136 lots, and positions decreased 3,754 lots to 198,792 lots. SHFE 1707 aluminum should struggle around RMB 13,800/mt in the short term.