SHANGHAI, May 31 (SMM) – Offshore yuan surged in morning trading, increasing risks of tightening market liquidity in the short term. Ferrous metals prices led declines among commodity. SHFE 1707 aluminum dipped to RMB 13,710/mt after opening at RMB 14,000/mt on Wednesday. The most active contract ended at RMB 13,715/mt. Trading volumes increased to 219,094 lots, and positions increased 9,450 lots to 221,712 lots. Yuan will remain firm in the short term. SHFE 1707 aluminum should see technical corrections during today’s night session, but will face downward pressure later this week.
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