SHFE Aluminum Ends with Losses (2017-3-22)

SHANGHAI, Mar. 22 (SMM) – On Wednesday, SHFE 1705 aluminum opened at RMB 13,830/mt. With diving US stocks and tight liquidity, ferrous metals declined sharply and base metals on SHFE market, except SHFE aluminum contracts, dropped significantly. SHFE 1705 aluminum dipped quickly to RMB 13,720/mt with leaving of longs and then fluctuated widely due to struggle between shorts and longs. During the afternoon trading, SHFE 1705 aluminum advanced to RMB 13,875/mt and then surrendered some previous gains at the tail of trading, hurt by longs taking profits. The contract ended at RMB 13,805/mt. Trading volumes were up to 366,470 lots and positions were down 12,502 to 296,214. SHFE 1705 aluminum was resistant to drop on Wednesday and will keep fluctuating at current level in a short term.