08 APRIL 2016Shanghai Metal Market
SHFE Aluminium to face technical correction
Edited by : AL CIRCLE
1 min read
SHFE 1606 aluminium will face technical correction after falling below the 10-day moving average, and should move at RMB 11,600-11,750/mt on Friday, SMM forecasts.
According to SMM, LME aluminium will trade in a range of USD 1,490-1,510/mt,
In China’s spot aluminium market, spot discounts of RMB 0-20/mt and spot premiums of RMB 0-20/mt are expected over SHFE 1604 aluminium contract.
SHFE Aluminium ended with declines
SHFE 1606 aluminium opened at RMB 11,795/mt on Thursday. The most active contract climbed to RMB 11,810/mt on long buying, but then retreated to RMB 11,750/mt as longs took profit at highs. Finally, SHFE 1606 aluminium ended down RMB 50/mt at RMB 11,780/mt. Trading volumes were down 28,244 lots to 121,118 lots, and positions were up 5,270 to 256,784. SHFE 1606 aluminium is expected to reverse declines tomorrow and challenge resistance at the 5-day moving average since downstream buyers will stockpile goods before the weekend.
According to SMM, LME aluminium will trade in a range of USD 1,490-1,510/mt,
In China’s spot aluminium market, spot discounts of RMB 0-20/mt and spot premiums of RMB 0-20/mt are expected over SHFE 1604 aluminium contract.
SHFE Aluminium ended with declines
SHFE 1606 aluminium opened at RMB 11,795/mt on Thursday. The most active contract climbed to RMB 11,810/mt on long buying, but then retreated to RMB 11,750/mt as longs took profit at highs. Finally, SHFE 1606 aluminium ended down RMB 50/mt at RMB 11,780/mt. Trading volumes were down 28,244 lots to 121,118 lots, and positions were up 5,270 to 256,784. SHFE 1606 aluminium is expected to reverse declines tomorrow and challenge resistance at the 5-day moving average since downstream buyers will stockpile goods before the weekend.
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