Metals News
[Al] SMM Morning Review - 2009/10/21 Aluminum Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Oct. 21 (SMM) -- LME aluminum prices opened at USD 1,955/mt yesterday, and later hit the daily high of USD 1,968.2/mt, and closed at USD 1,921/mt finally, negatively affected by rebounding US dollar index. The trading volume was 10,082 lots.

    The US Labor Department released on Tuesday that the producer price index (PPI) in September fell by 0.6% on a monthly basis, flat with previous market forecast. The US Department of Commerce released on Tuesday that the housing data was lower than expected. The housing starts in September were 590,000 units, while the previous market forecast was 610,000 units. The negative US economic data released yesterday dragged down the US stocks and drove up the US dollar index, which weighed on base metal prices, and base metal prices plunged after surged as a result.

    LME aluminum inventories reported a significant growth on Tuesday, and increased by 35,975mt to 4.58 million mt after a slight increase on Monday, which exerted negative impact on investor confidence. SHFE aluminum prices will continue to fluctuate on the high levels in the near future, and will test the support level of  RMB 15,000/mt today.

 

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