05 SEPTEMBER 2011Shanghai Metal Market
SMM Brief Review - 2011/9/5 SHFE Aluminum Futures
Edited by : AL CIRCLE
1 min read
Most active SHFE 1111 aluminum contract opened slightly lower at RMB 17,405/mt on September 5th, due to renewed worries towards US economic recession among investors. After hitting an intraday high of RMB 17,480/mt at the beginning, the contract fell to RMB 17,315/mt, a two-week low, after Shanghai Composite Index fell below 2,500 points, and finally closed RMB 70/mt or 0.40% lower at RMB 17,345/mt near the 20-day moving average. Short positions of the contract increased 3,266 lots, thereby adding to selling pressure for the contract. SMM expects most active SHFE aluminum contract to test support at RMB 17,300/mt in the short term.
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