Shanghai Metal Market
SMM Brief Review – 2011/9/9 SHFE Aluminum Futures
Edited by : AL CIRCLE
1 min read
Most active SHFE 1111 aluminum contract opened slightly higher at RMB 17,455/mt on September 9th, and narrowly fluctuated in the morning session due to a lack of upward momentum on remaining high inflation pressure as reflected by August CPI data. The contract fluctuated upward to an intraday high of RMB 17,500/mt in the afternoon after long capital took up the dominant position and forced shorts to exit. Finally closed price was RMB 17,485/mt, up RMB 60/mt or 0.34% from previous trading day. SHFE aluminum led other base metals to gain in the morning, and was the only metal that reported gains on all contracts. Transactions of the most active contract dropped further to near 20,000 lots. Considering output cuts in some aluminum producers in South China, SMM expects most active SHFE aluminum contract to test RMB 17,500/mt in the short term.
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