[Al] CBI Morning Review - 2009/3/13 Aluminum Market

SHANGHAI, Mar. 13 (CBI China) -- As the market predicted the OPEC would decide to cut production in the upcoming meeting on Sunday, NYMEX crude oil rebounded by 11% after sharp declines recently. While the better U.S. retail sales data supported the U.S. stock market and U.S. indexes, so Dow Jones rose by nearly 3.5%. Overnight base metal market was over-optimistic about Chinese consumption, which caused upward momentum shortage recently. Three-month LME aluminum comprehensive closed at USD 1,350/mt, up USD 20/mt, and the inventory has been closed to 3.29 million mt. Spot supply will remain tight in domestic market, and the rising spot price pulled up SHFE aluminum price, so the domestic aluminum price is expected to rise in the short term.

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