30 AUGUST 2011Shanghai Metal Market
SMM Brief Review - 2011/8/30 Aluminum Futures
Edited by : AL CIRCLE
1 min read
Most active SHFE 1111 aluminum contract opened slightly higher at RMB 17,380/mt on August 30th, and failed to break through RMB 17,500/mt despite rising Chinese stock prices and surrounding metals prices. The contract partially erased earlier gains during spot trading hours due to weak spot aluminum consumption and Shanghai Composite Index’s falling below 2,600 points. Finally closed price was RMB 17,445/mt, up RMB 85/mt or 0.49% from previous trading day. Though transactions of the contract doubled, profit taking eroded its upward momentum, and SMM expects the contract to struggle at the 20-day moving average in the short term.
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