10 AUGUST 2011smm
SMM Brief Review - 2011/8/10 Aluminum Futures: Most Active Contract Recovers Precious Gap
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Most active SHFE aluminum contract prices opened 3% higher at RMB 17,330/mt on August 10th, and slightly rose in the morning to struggle at RMB 17,500/mt. In the afternoon, after standing above the 5-day moving average, most active SHFE aluminum contract prices further rose to hit the 10-day moving average but failed to break through due to strong resistance. Finally closed price was RMB 17,590/mt, up RMB 605/mt or 3.56%. SHFE aluminum followed strong rebound of other base metals with most active SHFE aluminum contract prices recovering previous gaps. The rebounding trend also forced shorts to exit the market with position falling by over 12,000 lots during the day. SMM expects SHFE aluminum prices to struggle at RMB 17,500/mt given insufficient long confidence.
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