Author：Site  Source：Network  Click to rate：1401  Post time：2016-05-18

SHANGHAI, May 17 (SMM) – On Monday’s night trading, SHFE 1607 aluminum rose to RMB 12,410/mt after opening at RMB 12,220/mt, and ended at RMB 12,360/mt.

On Tuesday, SHFE 1607 aluminum dropped to RMB 12,305/mt due to profit-taking by longs after opening at RMB 12,360/mt. But the most active contract then rebounded to RMB 12,440/mt thanks to short covering, and finally ended up RMB 275/mt at RMB 12,435/mt. Trading volumes were up 8,042 lots to 219,754 lots, and positions were up 8,292 to 278,820. Positive technical side suggests more gains for SHFE 1607 aluminum, but investors should also be aware of possible short selling at above RMB 12,500/mt.