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SHFE 1710 Aluminum Extends Gains (2017-8-8)  
Aug 8,2017 17:41CST
price review forecast
SHFE 1710 aluminum opened at RMB 15,420/mt on Tuesday.

SHANGHAI, Aug. 8 (SMM) – SHFE 1710 aluminum opened at RMB 15,420/mt on Tuesday. The contract climbed to RMB 15,620/mt before falling back to RMB 15,340/mt, due to falling ferrous metals prices and profit taking by longs. In the afternoon, Shandong released the list of illegal aluminum capacity, but the positive impact had been factored in previous price gains. So, SHFE 1710 aluminum had limited upward momentum, and finally ended at RMB 15,435/mt. Trading volumes rose 117,000 lots to 628,248 lots and positions rose 39,162 lots to 382,520 lots. Aluminum prices still have room to rise since market is expecting environmental factor to affect production. But, aluminum prices will probably correct down in the short term without further positive news.  


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