Metals News
[Al] SMM Morning Review - 2009/10/26 Aluminum Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Oct. 26 (SMM) -- LME aluminum prices opened at USD 1,968/mt last Friday, and later hit the daily high of USD 2,000/mt, with greater pressure, but then dropped due to profit-takings, and hit the daily low of USD 1,957/mt negatively affected by rebounding US dollar, and closed at USD 1,974/mt finally.

    The National Association of Realtors released on Friday that the US existing home sales in September grew by 9.4% to an annual rate of 5.57 million units, higher than previous forecast of 5.35 million units, hitting a new high since July 2007. The positive housing data became the major driving force for LME aluminum prices to test the pressure level of USD 2,000/mt. However, the US dollar index rebounded continuously to a daily high of 75.45, resulting in profit-takings of LME aluminum.

    LME aluminum prices will continue to test the pressure level of USD 2,000/mt in the near future. SHFE aluminum prices lacked upward momentum due to sufficient market supply, and are expected to fluctuate around RMB 15,000/mt narrowly today.

 

Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.

None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: metalresearch@cbichina.com or tel:86-21-51550040

Aluminum Al
CBI China CBMB
Market movement
For queries, please contact Frank LIU at liuxiaolei@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn
Related Price

No Data