01 SEPTEMBER 2016Shanghai Metals Market
Chalco cuts aluminium prices in major markets on August 31
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<p>China Aluminum International Trading Co. (Chalco Trading) cut aluminium prices it offered in major markets today after three consecutive days of hike, it said on its WeChat. <br /><br />For details, please see the table below: <br /><br />Unit: yuan/tonne <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Chalco%20prices.png" alt="News" width="454" height="162" /><br /><br />Chalco Trading is a full subsidiary under Chalco responsible for alumina and aluminium sales. <br /><br /><strong>SHFE 1610 aluminium falls on short selling</strong><br /><br />On Tuesday’s night trading, SHFE 1610 aluminium fell to RMB 12,275/mt after opening at RMB 12,310/mt. But prices then rebounded to RMB 12,350/mt on short covering and ended at RMB 12,345/mt. <br /><br />On Wednesday, SHFE 1610 aluminium climbed to RMB 12,375/mt after opening at RMB 12,330/mt. Short selling sent prices down to RMB 12,205/mt in the afternoon, ending at RMB 12,215/mt. Trading volumes were up to 111,132 lots, and positions were down 5,068 to 160,826. Short selling pressure should ease during today’s night trading, and SHFE 1610 aluminium will test support at the 60-day moving average. </p>
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