SHANGHAI, May 9 (SMM) – On last Friday’s night trading, SHFE 1607 aluminum followed crude oil up to RMB 12,490/mt after opening at RMB 12,315/mt, and closed at RMB 12,440/mt.
On Monday, SHFE 1607 aluminum opened at RMB 12,430/mt, and dived to RMB 11,980/mt after ferrous metals prices hit downside limit. Finally, the most active contract ended down RMB 290/mt at RMB 12,055/mt. Trading volumes were down 20,870 lots to 2,540,285 lots, and positions were down 5,584 to 264,462. SHFE 1607 aluminum fell for four days in a row and fell below the 20-day and 40-day moving averages, and is expected to remain weak in the short term.