SHANGHAI, Aug. 1 (SMM) –On last Friday’s night trading, SHFE 1609 aluminum fell to RMB 12,240/mt after opening at RMB 12,290/mt. Prices then rallied to RMB 12,355/mt on short covering, closing at RMB 12,340/mt.
On Monday, short selling sent SHFE 1610 aluminum, which became the most active contract, down to RMB 12,195/mt after opening at RMB 12,240/mt. Finally, the contract ended at RMB 12,235/mt. Trading volumes were up 3,878 lots to 62,530 lots, and positions were up 4,542 to 149,648. SHFE 1610 aluminum will test resistance at the 20-day moving average in the short term.