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[Al] SMM Morning Review - 2009/11/9 Aluminum Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 9 (SMM) -- LME aluminum prices opened at USD 1,934/mt last Friday, with the highest price of USD 1,940/mt and the lowest price of USD 1,890/mt, and closed at USD 1,918/mt finally. The trading volumes were 4,715 lots today, and the wait-and-see sentiment prevailed among investors due to concerns over future demand.
The US Department of Labor released last Friday that the US non-farm employment in October dropped by 190,000, higher than market forecast of 175,000. The US unemployment rate in October was 10.2%, setting a new high since April 1983. The higher unemployment rate pushed up the US dollar index, and the US dollar index was dampened heavily by short positions and fell from 75.96, helping drive up base metal prices slightly, but LME aluminum prices still closed down.
Aluminum prices struggled at RMB 14,900/mt in spot markets, with mixed market fundamentals. SHFE three-month contract aluminum prices are expected to move around RMB 15,150/mt today. Meanwhile, the price spread between spot-month contract and three-month contract prices is expanding as the delivery date nears.
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