Metals News
[Al] SMM Morning Review - 2009/10/28 Aluminum Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Oct. 28 (SMM) -- LME aluminum prices opened at USD 1,988/mt yesterday, and later broke through USD 2,000/mt and soared to USD 2,030/mt, but then fell to the daily low of USD 1,974/mt, and closed at USD 1,987/mt finally. Struggles between long and short positions intensified at USD 2,000/mt, and total trading volumes today were 11,431 lots. LME aluminum inventories declined by 4,475mt to 4,571,400mt.

    The US Conference Board released on Tuesday that the US consumer confidence index in October fell to 47.7, which helped support the US dollar index to rise further. The US dollar index hit a daily high of 76.33 yesterday. Although the strengthened US dollar exerted limited downward pressure on base metal prices, the negative impact waned gradually after the US dollar index advanced to 76.

    SHFE three-month contract aluminum prices moved in the RMB 15,125-15,270/mt range yesterday, and the aluminum prices above RMB 15,000/mt raised cargo-holders’ interest in cargo movement due to sufficient market supply recently, which will have further downward pressure on SHFE aluminum prices. SHFE three-month contract aluminum prices will try to break through RMB 15,300/mt today.

 

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