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SMM Brief Review – 2011/7/28 Aluminum Futures
Edited by : AL CIRCLE
1 min read
Most active SHFE 1110 aluminum contract prices opened higher at RMB 18,270/mt on July 28, and surged by nearly 2% in the morning, hitting RMB 18,570/mt. In the afternoon, after short selling prevailed, SHFE 1110 aluminum contract prices erased early gains and finally closed at RMB 18,360/mt, up RMB 150/mt or 0.82% from previous trading day. Total positions increased by nearly 50,000 lots as longs and shorts actively entered the market. Daily transaction volume increased significantly by 273,000 lots from previous trading day. As SHFE aluminum prices failed to break through RMB 18,400/mt for two successive days due to conflicting powers from longs and shorts, more upward momentum is needed for SHFE aluminum prices to rise further.
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