SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1093 Post time：2015-05-26
SHANGHAI, May 26 (SMM) – On Monday night, SHFE 1508 aluminum contract, the most active one, rose above the 5-day and 60-day moving averages to RMB 13,310/mt after starting at RMB 13,210/mt, and ended the night session at RMB 13,295/mt. Trading volumes totaled 4,306 lots, and positions were up 374 to 104,128.
SHFE 1508 aluminum contract has found support at RMB 13,200/mt, but the 10-day moving average will pose strong resistance, with prices expected between RMB 13,260-13,300/mt on Tuesday. In China’s spot market, spot aluminum will find strong support at RMB 13,000/mt, with spot discounts of RMB 110-150/mt expected over SHFE 1506 aluminum contract.
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