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SMM Brief Review – 2011/7/12 Aluminum Futures
Edited by : AL CIRCLE
1 min read
As LME aluminum prices fell another 2% overnight, most active SHFE 1109 aluminum contract prices opened lower at RMB 17,270/mt in response. They fluctuated at RMB 17,250/mt after failing to break through the 10-day moving average. Finally closed price was RMB 17,250/mt, down RMB 110/mt or 0.63% from previous trading day. Total positions decreased by 2,708 lots to 316,594 lots. SMM expects most active SHFE 1109 aluminum contract prices to continuously fluctuate downward and struggle at RMB 17,200/mt as short-selling prevails.
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