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SMM Brief Review – 2011/7/11 Aluminum Futures
Edited by : AL CIRCLE
1 min read
The high inflation pressure as indicated by the June CPI data which reached a new high in recent 3 years pressed most active SHFE 1109 aluminum contract price lower at RMB 17,320/mt during today’s opening. In the morning session, the 1109 contract price fluctuated upward but met resistance near RMB 17,400/mt. As a result, it erased early gains in the afternoon, and finally closed at RMB 17,325/mt, down RMB 125/mt or 0.72% from the previous trading day. SHFE aluminum prices fail to break through the 5-day moving average after previous fluctuations also indicates growing strong resistance, which will weigh down aluminum futures prices. Therefore, SMM expects SHFE aluminum prices to struggle at RMB 17,300/mt in the short term.
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