24 AUGUST 2011shanghai metal market
SMM Brief Review - 2011/8/24 Aluminum Futures: Price Fluctuation to Continue in Short Term
Edited by : AL CIRCLE
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Most active SHFE 1111 aluminum contract prices opened slightly higher at RMB 17,330/mt on August 24th. After a brief test of RMB 17,345/mt the 60-day moving average, market sentiment fell as a result of Japanese rating downgrade by US credit agency Moody’s, with market transactions falling by half. The contract finally closed at RMB 17,275/mt, up RMB 20/mt or 0.12% after hitting an intraday low of RMB 17,240/mt. Given current low market sentiment, SMM expects most active SHFE aluminum contract prices to keep fluctuating around RMB 17,300/mt in the short term.
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