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Home / Metal News / SHFE 1710 Aluminum Falls as Longs Take Profit (2017-8-14)  

SHFE 1710 Aluminum Falls as Longs Take Profit (2017-8-14)  

iconAug 14, 2017 17:36
Source:SMM
SHFE 1710 aluminum opened at RMB 16,180/mt on Monday, and fell sharply to RMB 15,680/mt as many longs exited.

SHANGHAI, Aug. 14 (SMM) – SHFE 1710 aluminum opened at RMB 16,180/mt on Monday, and fell sharply to RMB 15,680/mt as many longs exited. The most active contract rallied to RMB 15,965/mt on short covering in the afternoon, but fell back again later as more longs left, ending at RMB 15,780/mt. Trading volumes fell to 773,738 lots, and positions fell 36,660 lots to 409,544 lots. The decline is due mainly to profit-taking by longs. SHFE 1710 aluminum still has room to drop in the short term.   

 

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