Metals News
[Al] SMM Morning Review - 2009/11/11 Aluminum Market
smm insight
Dec 7,2009

SHANGHAI, Nov. 11 (SMM) -- LME aluminum prices opened at USD 1,950/mt yesterday, with the highest price of USD 1,971.2/mt and the lowest price of USD 1,934/mt, and closed at USD 1,952/mt finally. The trading volumes were 5,989 lots today. LME aluminum inventories continued to decline by 3,725mt to 4,535,900mt, boosting investor confidence, and LME aluminum prices have shown the strongest performance among base metals, but received great pressure due to drops in other base metal prices.

    Today, investors took a wait-and-see attitude, as China will release import and export data, which will deliver a direction to future market movement. The US dollar index was dampened by short positions last night, and fell to 74.9 today, which will help support base metal prices. 

    SHFE three-month contract aluminum prices will move around RMB 15,150/mt today, and particular attention should be paid to the impact from the release of Chinese economic data on base metal prices.


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