SHANGHAI, Nov. 30 (SMM) –SHFE 1602 aluminum opened slightly lower at RMB 10,310/mt on Monday. The contract climbed to an intraday high of RMB 10,350/mt, but then immediately fell back to RMB 10,130/mt, due profit-taking by longs and entry of shorts. The contract dropped further to RMB 10,085/mt in the afternoon as more longs exited, and finally ended at RMB 10,145/mt. Trading volumes of SHFE 1602 aluminum were down 43,572 lots to 531,086 lots, and its positions were down 9,182 to 142,358. Total positions of all SHFE aluminum contract were up 34,706 to 776,256. Investors opened positions aggressively on forward-month contracts. Rumor of metals stockpiling by China’s SRB has yet to be confirmed.
