Shanghai Metals Market
SHFE 1610 aluminium rebounds slightly on short covering
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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.
SHFE Market Movement
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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