Metals News
[Al] CBI Morning Review - 2009/1/12 Aluminum Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Jan. 12 (CBI China) -- The United States employment announced last Friday was slightly better than expected, LME copper increased by more than 6% due to short covering and fund buy order, while LME aluminum rose slightly, three-month LME aluminum closed at USD 1570/mt, only up USD 15/mt, the spot discount increased to USD 37/mt, and the inventory increased to 2.4062 million mt. Domestic market is expected to rise affected by the foreign trading, while last Friday significant decline in inventory caused by different statistical standards may push the market long funds to increase inventory significantly, but from the actual fundamentals, CBI do not think the price increases will continue, for the prices are likely to fall back after surged and received the pressure from the short.

 

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