Shanghai Metal Market
SMM Brief Review - 2011/9/6 SHFE Aluminum Futures
Edited by : AL CIRCLE
1 min read
Following a plunge in financial markets overnight, most active SHFE 1111 aluminum contract opened lower at RMB 17,320/mt on September 6th. After hitting an intraday low of RMB 17,215/mt in the morning due to strong short momentum, the contract rebounded slightly in the afternoon on profit-taking by the shorts, and finally closed at RMB 17,295/mt, down RMB 90/mt or 0.52% from previous trading day. Total positions of the contract rose by 1,526 lots to 122,814 lots. Most active SHFE aluminum contract prices fluctuated downward due to strong resistance at the moving averages above. However, the downward space was limited by short swing speculations during the day. And with inadequate upward momentum, SMM expects the contract to test RMB 17,300/mt in the short term.
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