Shanghai Metals Market
Shanghai Metals Market Brief Review - 2011/10/28 SHFE Aluminum Futures
Edited by : AL CIRCLE
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The most active SHFE 1201 aluminum contract opened higher at RMB 16,570/mt on October 28th following an overnight surge in LME aluminum prices. The contract hit an intraday high of RMB 16,680/mt earlier in the day. However, as support from the EU deal has already been consumed and gains during the previous trading day were slightly excessive, the contract quickly slipped amid profit-taking by longs, and finally closed at RMB 16,490/mt, up RMB 60/mt or 0.37%. Positions of the contract decreased 370 lots to 64,688 lots. Though the EU bailout deal has shed a little hope for investors, a series of practical measures need to be provided if the market optimism is to last. The most active SHFE aluminum contract has yet to wait for more goods news if it wants to consolidate at RMB 16,500/mt.
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