16 AUGUST 2011smm
SMM Brief Review - 2011/8/16 Aluminum Futures: Gap Filled, Bottom to Move Down
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Most active SHFE 1111 aluminum contract prices opened lower at RMB 17,340/mt on August 16th. During the trading day, strong short momentum forced long capital to exit the market with positions falling by 4,218 lots following previous increase. Mainstream trading prices also fell below the 60-day moving average and finally closed at RMB 17,150/mt, down RMB 260/mt or 1.49%. SHFE aluminum prices fell for a third consecutive day with technical falling to fill previous gaps. Given inadequate confidence, upward resistance is expected to be stronger, and SMM expect most active SHFE aluminum contract to lower its bottom price and test RMB 17,000/mt.
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