SHFE Aluminum Falls on Poor China Manufacturing PMIAuthor：Site Source：Network Click to rate：1265 Post time：2016-03-02
SHANGHAI, Mar. 1 (SMM) – SHFE 1605 aluminum, which has become the most active contract, opened at RMB 11,345/mt on Tuesday. China’s official manufacturing PMI was 49 in February, missing forecast. Shandong Xinfa put 300,000 mt/yr new capacity online. These triggered short selling, sending SHFE 1605 aluminum down to RMB 11,120/mt. The contract recovered some losses later in the day on short covering, but still ended down RMB 125/mt at RMB 11,225/mt. Trading volumes were up 19,422 lots to 170,132 lots, and positions were up 11,516 to 236,644. The light metal dropped below the 5-day moving average, but found support at the 10-day moving average.
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