SHFE 1708 Aluminum Recovers Lost Ground (2017-6-27)

SHANGHAI, Jun. 27 (SMM) – Exit of longs caused SHFE 1708 aluminum to fall to RMB 13,700/mt after opening at RMB 13,740/mt on Tuesday. But, the most active contract followed other base metals up to RMB 13,940/mt in the afternoon before ending at RMB 13,930/mt. Trading volumes increased 76,666 lots to 161,318 lots, and positions decreased 7,414 lots to 192,866 lots. Movement of other base metals will have big impact on SHFE 1708 aluminum in the short term. SHFE 1708 aluminum has regained the 40-day moving average and will test resistance at the 60-day moving average during today’s night session.