SHFE 1608 Aluminum Slumps as Shorts DominateAuthor：Site Source：Network Click to rate：1548 Post time：2016-06-07
On Monday, disappointing US non-farm payrolls triggered short covering, allowing SHFE 1608 aluminum to rise RMB 11,990/mt after starting at RMB 11,895/mt. But prices then fell back to RMB 11,720/mt as shorts gained upper hand, and finally ended at RMB 11,780/mt, with positions up 30,726 to 245,704. The most active contract will meet great resistance at RMB 12,000/mt due to weakening consumption and capacity restarts.
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