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[Al] SMM Morning Review - 2009/7/31 Aluminum Market
Dec 7, 2009 13:16SHANGHAI, July 31 (SMM) -- Today, the US companies released their good earnings, and China's Central Bank guaranteed to maintain the previous loose credit policy. Last night, the US stocks created a new high this year positively affected by those two factors, while the US dollar index fell back to about 79.3, stimulating prices of bulk commodities to move up. Hence, base metal prices climbed as well.
LME aluminum prices stabilized at USD 1,800/mt supported by decreasing aluminum inventories, and then moved up again. Overnight LME aluminum three-month contract prices closed at USD 1,878.5/mt, up USD 84/mt. Spot discounts dropped to USD 24.5/mt. Today, it is reasonable for SHFE aluminum prices to move up, and aluminum prices are expected to inch up to test RMB 15,000/mt.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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