Shanghai Metal Market
SMM Brief Review - 2011/9/7 SHFE Aluminum Futures
Edited by : AL CIRCLE
1 min read
Most active SHFE 1111 aluminum contract opened slightly higher at RMB 17,305/mt on September 7th. With alleviated investor worries towards global economic recession, the Shanghai Composite index rebounded to above the 2,500 mark, forcing shorts in SHFE aluminum market to exit and sending most active SHFE aluminum contract to an intraday high of RMB 17,440t. The contract finally closed at RMB 17,425/mt, up RMB 150/mt or 0.87% from previous trading day. Positions of the contract lost 5,346 lots to 117,468 lots. SMM expects the contract to struggle at RMB 17,400/mt in the short term as the longs failed to follow.
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