SHANGHAI, Oct. 30 (SMM) -- LME aluminum prices opened at USD 1,920/mt yesterday, with the highest price of USD 1,956/mt and the lowest price of USD 1,900/mt, and closed at USD 1,950/mt finally. The trading volumes were 1,022 lots today.
The US Department of Commerce reported on Thursday that the gross domestic product (GDP) in 3Q climbed at a 3.5% annual pace, the highest growth rate since 3Q 2007, higher than market expectation of 3.3%. The demand for US dollar risk avoidance dropped after the announcement, and base metal prices rebounded rapidly upon the market expectations of the recovery of global economy. Technically, the US dollar index will remain in downward track in the long run, and has more possibility to fall again in the short term, which will help support base metal prices to a certain extent.
SHFE three-month contract aluminum prices will advance today positively affected by rising LME aluminum prices. As SHFE aluminum prices have exceeded the pressure level of RMB 15,000/mt in early this week, and market supply was relatively sufficient recently, so aluminum prices will still face greater pressure at RMB 15,500/mt. SHFE aluminum prices are expected to find solid support at RMB 15,200/mt and advance further 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: firstname.lastname@example.org or tel:86-21-51550040