13 SEPTEMBER 2011Shanghai Metal Market
SMM Brief Review - 2011/9/13 SHFE Aluminum Futures
Edited by : AL CIRCLE
1 min read
Most active SHFE 1111 aluminum contract opened lower at RMB 17,430/mt on the first trading day following China’s Mid-Autumn Festival. Due to a bearish economic environment, domestic investors successively exited the market. Transactions during the day were less than 30,000 lots and positions of the contract saw a huge decrease of 1,702 lots. After narrowly fluctuating near RMB 17,400/mt, the contract finally closed at RMB 17,390/mt, down RMB 75/mt or 0.43%. Though SHFE aluminum closed lower due to pressure from global financial market, the metal avoided a large-scale selling backed by positive fundamentals. It also reported less loss compared with other base metals. Since market sentiment will be cautious while waiting for coming conventional peak season, SMM expects most active SHFE aluminum contract to test RMB 17,450/mt in the short term.
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