Metals News
[Al] SMM Morning Review - 2009/11/18 Aluminum Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Nov. 18 (SMM) -- LME aluminum prices opened at USD 2,021/mt yesterday, with highest and lowest level at USD 2,055/mt and USD 2,012/mt, respectively, and finally prices ended at USD 2,050/mt.  Total trading volumes reported 9,591 lots, and positions were 714,805 lots. LME aluminum inventories increased unexpectedly by 23,300mt to 4,560,325mt, with growth mainly in the US.

    The US Fed announced on Tuesday that the industrial output in October increased by 0.1%, with capacity utilization rate reaching 70.7%. The US dollar index rebounded strongly after hit the low level of 74.68 on Monday, but fell after hit 75.61, an indication of strong pressure around 75.6. Base metal prices climbed propelled by speculative funds regardless of strong rebound in the US dollar index, but market concerns over actual demand remained unchanged.

    SHFE three-month contract aluminum prices will continue to test the resistance level of RMB 15,500/mt today, and particular attention should be paid to transactions in spot market, as well as changes in costs of electric power and alumina. 

 

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