20 SEPTEMBER 2011Shanghai Metal Market
SMM Brief Review - 2011/9/20 SHFE Aluminum Futures
Edited by : AL CIRCLE
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Most active SHFE 1111 aluminum contract opened lower at RMB 17,120/mt on September 20th, and stabilized in the morning following a plunge during previous trading day. The contract hit an intraday high of RMB 17,225/mt in the afternoon, but fluctuated downward later due to strong resistance at the 5-day moving average above. Finally closed price of the contract was RMB 17,190/mt, up RMB 15/mt or 0.09% from previous trading day. Positions of the contract decreased 2,654 lots to 108,896 lots, and transaction volume of SHFE 1112 aluminum contract topped all other contracts. Most active SHFE aluminum contract consolidated at RMB 17,100/mt today and showed more stability compared with other base metals. If the most active contract was changed into 1112 and meets strong resistance at the moving averages above, SMM expects it to test support at RMB 17,000/mt at first.
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