SHANGHAIM, Jul. 10 (SMM) – On Monday, SHFE 1709 aluminum opened at RMB 14,180/mt and then advanced to RMB 14,245/mt with positions opening by longs. Later, the contract fell back as shorts strengthened. During the afternoon trading, SHFE 1709 aluminum hit the daily lowest level at RMB 14,140/mt and stopped falling. The contract finally closed at RMB 14,175/mt. Trading volumes reduced to 131,094 lots and positions increased 7,316 to 251,602.
The contract is expected to keep falling in a short term.