Metals News
[Al] SMM Morning Review - 2009/11/13 Aluminum Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Nov. 13 (SMM) -- LME aluminum prices opened at USD 1,969/mt yesterday, with the highest price of USD 1,980/mt and the lowest price of USD 1,940/mt, and closed at USD 1,948/mt finally. The trading volumes were 4,798 lots today. LME aluminum inventories declined by 3,150mt to 4,539,925mt. 

    Yesterday, the US dollar index rebounded sharply to 75.77 from 75, directly weighing on base metal prices. The US Department of Labor announced on Thursday that the number of initial application for unemployment benefits in the US during last week dropped to 502,000, lower than previous forecast of 510,000, setting a new low since January 3rd. However, the US dollar index rebounded strongly despite of this positive data. Although the US dollar index will remain in downward track in the long run, it will receive strong support at 74 from long positions, and is expected to fluctuate in the 74.5-76 range, with close relation to monetary policies in various countries. 

    SHFE three-month contract aluminum prices will fall slightly today negatively affected by dropping LME aluminum prices, but will receive great support at RMB 15,000/mt, and are expected to move around RMB 15,100/mt.

 

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