SHFE 1606 Aluminum Rebounds after Initial Fall (2016-4-26)

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Market News >> SHFE 1606 Aluminum Rebounds after Initial Fall (2016-4-26)

SHANGHAI, Apr. 26 (SMM) – On Monday’s night trading, SHFE 1606 aluminum dipped to RMB 12,750/mt after opening at RMB 12,900/mt. But prices then rebounded to RMB 12,955/mt before ending at RMB 12,850/mt.

On Tuesday, short covering allowed SHFE 1606 aluminum to rise to RMB 11,895/mt after opening at RMB 11,845/mt. Prices then fell back to RMB 12,755/mt as longs took profit. Finally, the most active contract closed at RMB 12,790/mt. Trading volumes were down 268,000 lots to 258,076 lots, and positions were down 3,044 to 252,650. Positions of SHFE 1607 aluminum contract were up 11,044 to 243,684. SHFE 1606 aluminum will face technical correction, and investors should be alert to possible short selling at highs.