SHFE 1709 Aluminum Falls Back After Rising Initially (2017-7-20)

SHANGHAI, Jul. 20 (SMM) – SHFE 1709 aluminum opened at RMB 14,430/mt on Thursday, and jumped to RMB 14,520/mt. But, the most active contract then fell back to below the 5-day moving average as some longs exited, ending at RMB 14,420/mt. Trading volumes increased to 194,078 lots, and positions decreased 824 lots to 312,238 lots. SHFE 1709 aluminum will test resistance at RMB 14,500/mt in the short term.