Shanghai Metal Market
SMM Brief Review - 2011/9/2 Aluminum Futures
Edited by : AL CIRCLE
1 min read
Most active SHFE 1111 aluminum contract opened slightly lower at RMB 17,465/mt on September 2nd. After erasing weekly gains to RMB 17,370/mt due to profit-taking by the longs and short-selling, the contract partially pared losses at the tail of trading on profit-taking among the shorts and finally closed at RMB 17,435/mt, down RMB 50/mt or 0.29%. Total positions of the contract rose by 1,006 lots to 118,022 lots. Though power shortages in south China provided extra support for SHFE aluminum among all SHFE metals, a generally bearish market sentiment and only around 20,000 lots of transactions still dragged the metal down from weekly high. SMM expects most active SHFE aluminum contract to struggle at RMB 17,450/mt in the short term while waiting for the US non-farm payroll data to determine market direction.
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