Shanghai Metal Market
SMM Brief Review - 2011/10/24 SHFE Aluminum Futures
Edited by : AL CIRCLE
1 min read
The most active SHFE 1112 aluminum contract gapped higher at RMB 16,390 on October 24th, and surged 2.9% in the afternoon to an intraday high of RMB 16,700/mt. The contract trimmed gains later, however, and finally closed at RMB 16,560/mt, up RMB 330/mt or 2.03% from previous trading day. Positions of the contract decreased 6,128 lots to 72,166 lots. The most active SHFE aluminum contract stood above the RMB 16,500/mt mark again supported by encouraging performance of the financial market. However, as spot aluminum prices failed to follow the move, the most active SHFE aluminum contract is expected to test support at the RMB 16,500/mt mark in the short term.
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