SHFE Aluminum Ends Higher (2017-3-16)

SHANGHAI, Mar. 16 (SMM) – On Thursday, SHFE 1705 aluminum started at RMB 13,810/mt and then advanced to RMB 13,900/mt. The contract met strong resistance at the 40-day moving average and declined slightly with positions opening by shorts. SHFE 1705 aluminum increased slightly thanks to entering of longs. During the afternoon trading, SHFE 1705 aluminum climbed to RMB 13,985/mt quickly and ended at RMB 13,960/mt. Trading volumes increased to 374,822 lots and positions rose 7,322 to 301,200. US Federal Reserve raised rate at March’s meeting as expected on Wednesday but US dollar index dipped sharply, supporting base metals to rise.

SHFE 1705 aluminum will fluctuate at RMB 14,000/mt on Thursday’s night trading.