16 SEPTEMBER 2011Shanghai Metal Market
SMM Brief Review - 2011/9/16 SHFE Aluminum Futures
Edited by : AL CIRCLE
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Most active SHFE 1111 aluminum contract opened slightly higher at RMB 17,385/mt on September 16th. After hitting an intraday high of RMB 17,405/mt at the beginning of trading, the contract quickly slipped on profit taking by the longs with positions dropping by 3,758 lots, and finally closed at RMB 17,350/mt, up RMB 10/mt or 0.06% from previous trading day. We also noticed a position increase of 3,284 lots for SHFE 1112 aluminum contract which is to become the most active one. Market transactions contracted to only 16,000 lots as investors were cautious after SHFE aluminum showed signs of stagnation. Given strong resistance at the RMB 17,400/mt mark, SMM expects most active SHFE aluminum contract to stay below the level without enough upward momentum.
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