08 AUGUST 2011smm
SMM Brief Review - 2011/8/8 Aluminum Futures
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After investors turned panic following a history’s first downgrade of US debt rating, most active SHFE 1110 aluminum contract prices opened over 3% lower at RMB 16,985/mt on August 8th. During initial trading hours, most active SHFE aluminum contract prices kept falling and hit RMB 16,725/mt with an over 4% loss. However, after profit-making by the shorts, most active SHFE aluminum contract prices rebounded and hit a high of RMB 17,370/mt. In the afternoon, after prevailing short sentiment in stock and other metals markets forced capital to exit, most active SHFE aluminum contract prices finally closed at RMB 17,075/mt, down RMB 460/mt or 2.62%. Positions of most active SHFE aluminum contracts drastically fell by over 40,000 lots due to market panic, and are expected to fluctuate near RMB 17,000/mt before China’s July CPI is released on August 9th.
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