SHFE 1707 Aluminum Recovers Some Losses (2017-5-17)

SHANGHAI, May 17 (SMM) – SHFE 1707 aluminum opened at RMB 14,055/mt on Wednesday. Short selling sent prices down to RMB 13,980/mt. The most active contract then traded around RMB 14,025/mt before ending at RMB 14,055/mt, with trading volumes down to 172,428 lots, and positions up 1,788 lots to 264,724 lots. SHFE 1707 aluminum has found solid support at RMB 14,000/mt, but lacks momentum for further gains. SHFE 1707 aluminum should continue hovering around RMB 14,000/mt in the near term, with resistance at the 20-day, 40-day and 60-day moving averages.