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[Al] SMM Morning Review - 2009/11/10 Aluminum Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 10 (SMM) -- LME aluminum prices opened at USD 1,925/mt yesterday, with the highest price of USD 1,950/mt and the lowest price of USD 1,921.2/mt, and closed at USD 1,950/mt finally. The trading volumes were 5,093 lots today.
The Organization for Economic Co-operation and Development (OECD) released a survey on Friday that the leading indicator in September rose to 100.6 from 99.3, and most major economies showed signs of improvement, and the US and Japan reported significant economic recovery, while the economic growth of selected European countries and China was also strong. In this context, the US dollar index continued to slip to 74.94, hitting a new low since October 21st, and is expected to rebound slightly in the short term.
LME aluminum inventories were 4,539,625mt, with a sign of further decline, which help support LME aluminum prices to climb. In this context, SHFE aluminum prices will inch up further, and are expected to move around RMB 15,200/mt today.
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