SHFE Aluminum to Have Little Downside Room, SMM Interviews

SHANGHAI, Jun. 10 (SMM) – August aluminum on the SHFE hit recent low of 12,940 yuan ($2086) per tonne on Tuesday night, but any room for more losses will be limited, Ruida Futures told SMM. 

 

The Relative Strength Index (RSI) suggests that the most active contract has entered oversold territory, Ruida Futures said. It added that SHFE aluminum inventories fell for three weeks running to 282,472 tonnes as of June 5. Both factors will prevent the light metal from dramatic fall.