SHFE 1708 Aluminum Hits Half-Year Low (2017-6-9)  -Shanghai Metals Market

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SHFE 1708 Aluminum Hits Half-Year Low (2017-6-9)  

Price Review & Forecast 06:27:04PM Jun 09, 2017 Source:SMM

SHANGHAI, Jun. 9 (SMM) –SHFE 1708 aluminum opened at RMB 13,805/mt on Friday, and touched its lowest since early January at RMB 13,630/mt on aggressive short selling. Finally, the most active contract ended at RMB 13,645/mt. Trading volumes increased to 222,832 lots, and positions increased 40,726 lots to 245,680 lots. Positions of all SHFE aluminum contracts increased 35,296 lots to 617,930 lots. Early arrival of off-season, growing supply, as well as no further news on the supply side reform, caused market confidence to fade, triggering short selling. SHFE 1708 aluminum should move mainly between RMB 13,450-13,800/mt this coming week.     



 

SHFE 1708 Aluminum Hits Half-Year Low (2017-6-9)  

Price Review & Forecast 06:27:04PM Jun 09, 2017 Source:SMM

SHANGHAI, Jun. 9 (SMM) –SHFE 1708 aluminum opened at RMB 13,805/mt on Friday, and touched its lowest since early January at RMB 13,630/mt on aggressive short selling. Finally, the most active contract ended at RMB 13,645/mt. Trading volumes increased to 222,832 lots, and positions increased 40,726 lots to 245,680 lots. Positions of all SHFE aluminum contracts increased 35,296 lots to 617,930 lots. Early arrival of off-season, growing supply, as well as no further news on the supply side reform, caused market confidence to fade, triggering short selling. SHFE 1708 aluminum should move mainly between RMB 13,450-13,800/mt this coming week.