SHFE 1709 Aluminum Hovers at Highs (2017-7-24)

SHANGHAI, Jul. 24 (SMM) – SHFE 1709 aluminum opened at RMB 14,410/mt on Monday, and dropped to RMB 14,375/mt. But, the most active contract then rallied to RMB 14,465/mt on short covering, ending at RMB 14,455/mt. Trading volumes decreased to 154,976 lots, and positions decreased 8,678 lots to 290,504 lots. SHFE 1709 aluminum will struggle at RMB 14,500/mt in the short term.