11 AUGUST 2011smm
SMM Brief Review - 2011/8/11 Aluminum Futures: Long Confidence Recovers Following 5-day Moving Average Stand
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Most active SHFE aluminum contract prices opened lower at RMB 17,480/mt on August 11th, and broke through the 30-day moving average to a high of RMB 17,765/mt in the morning with strong long momentum. Due to profit-taking in the afternoon, most active SHFE aluminum contract prices finally closed at RMB 17,635/mt after falling slightly, up RMB 120/mt or 0.69%. Positions of most active SHFE aluminum contract fell by over 15,000 lots as a result of limited upward space. However, SHFE aluminum prices stood steady again at the 5-day moving average after previous plunge, which outperformed other metals. As aluminum prices stopped falling and stabilized, long confidence grew in response. SMM expects SHFE aluminum prices to struggle at RMB 17,600/mt in the short term.
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