Author：Site  Source：Network  Click to rate：1471  Post time：2016-05-24

HANGHAI, May 23 (SMM) – On last Friday’s night trading, SHFE 1607 aluminum rose to RMB 12,555/mt after opening at RMB 12,485/mt, but then fell back to RMB 12,355/mt before ending at RMB 12,395/mt.

On Monday, ferrous metals prices hit daily downside limit, triggering market panic. This sent SHFE 1607 aluminum down to RMB 12,225/mt. Finally, the most active contract ended down RMB 110/mt at RMB 12,275/mt. Trading volumes were up 74,840 lots to 229,128 lots, and positions were down 8,072 to 258,762. Positions of SHFE 1608 aluminum were up 3,352. SHFE 1607 aluminum did find support at the 10-day moving average, though.