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Home / Metal News / [Al] CBI Morning Review - 2009/2/17 Aluminum Market

[Al] CBI Morning Review - 2009/2/17 Aluminum Market

iconDec 7, 2009 13:16
Source:SMM

SHANGHAI, Feb. 17 (CBI China) -- Last Friday, Japan announced that its GDP in 4Q 2008 dropped by 12.7% QoQ, its shrinkage was the largest in 36 years. Due to the negative Japan economic data and the pessimistic expectation about demand, LME base metals prices closed at low, LME aluminum price fell sharply and closed at USD 1,350/mt, down USD 30/mt, the inventories increased to 2.94 million mt. While recently rumors that State Reserve Bureau will reserve aluminum and China plans to impose import tax on refined aluminum appeared again in the market, delivering some support for aluminum price, domestic aluminum price is expected to fluctuate narrowly today.

 

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