SHFE 1610 aluminium rebounds slightly on short covering
On Wednesday’s night trading, SHFE 1610 aluminium fell to RMB 12,280/mt after opening at RMB 12,440/mt, and ended at RMB 12,320/mt.
On Thursday, SHFE 1610 aluminium opened at RMB 12,320/mt, and fell to RMB 12,290/mt on short selling. The most active contract then rallied due to short covering, ending at RMB 12,340/mt. Trading volumes were up to 114,524 lots, and positions were down 6,942 to 184,048. Both longs and shorts are cautious at current price level.
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On Wednesday, trading volumes were down 24,326 lots to 190,990 lots, and positions were down 5,398 to 190,990. Analysts had predicted that SHFE 1610 aluminum would test resistance at the 10-day moving average on Thursday night.
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