Metals News
[Al] CBI Morning Review - 2009/1/5 Aluminum Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Jan. 5 (CBI China) -- Affected by geopolitics and the energy reserves carried out by U.S. government, crude oil futures broke through USD 45 / barrel in the first day in 2009 and closed at USD 46.34/ barrel. And basic metals market launched a new round of rebound led by the copper, last Friday three-month LME aluminum closed at USD 1575/mt, up USD 35/mt, it is uncertain that the LME aluminum rising above the 20th average price is a sign for the changes in the trend of the market. LME aluminum inventory increased further by 9400 mt to 2.3383 million mt. As there was no changes in market news, LME aluminum will follow the trend of LME copper. As to domestic market, the rise before New Year indicates the market was optimistic about the State Reserves of aluminum and production cut at enterprises, at the same time, the prices are thought to bottom out in 2009 and are expected to rise in the near future, but due to no complete changes in the fundamentals, any signs of trouble may cause the short to suppress the price.

 

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