SHFE 1709 Aluminum Rises Sharply (2017-7-31)  

SHANGHAI, Jul. 31 (SMM) – SHFE 1709 aluminum rose sharply on Monday as lots of positive news attracted longs to raise bullish bets. Iron ore futures prices hit daily upside limit in the afternoon. Shanxi Development & Reform Commission was criticized by central environmental protection inspection team for putting Chalco Huarun’s illegal aluminum project on file. Shandong Xinfa completed closure of 530,500 mt of aluminum capacity. It is said aluminum smelters in Inner Mongolia may face production cuts. As such, SHFE 1709 aluminum jumped to end the day at RMB 14,545/mt, with trading volumes up to 199,496 lots and positions down 11,548 lots to 238,398 lots. Positions of SHFE 1710 aluminum rose 19,762 lots to 178,290 lots. It remains to be seen whether SHFE 1709 aluminum will hold at above 14,500/mt mark.