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[Al] SMM Morning Review - 2009/11/19 Aluminum Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Nov. 19 (SMM) -- LME aluminum prices opened at USD 2,050/mt yesterday, with highest and lowest level at USD 2,095/mt and USD 2,041/mt, respectively, and finally prices ended at USD 2,053/mt. Total trading volumes reported 11,346 lots, and positions were 700,967 lots, with a clear sign of profit-taking. LME aluminum inventories declined by 1,000mt to 4,559,325mt.
The US Department of Commerce announced Wednesday that the annual rate of housing starts in October in the US fell by 10.6% to 529,000 units, lower than previous forecast of 600,000 units, hitting a 6-month low. The US Mortgage Bankers Association (MBA) released that the US mortgage applications dropped last week, and the demand for housing loan fell to 12-year low. Base metal prices fell due to investor concerns over demand for base metals, but the US dollar index fell to 75, helping limit any downward trend for base metal prices.
SHFE aluminum market was bullish recently, and the upward momentum for aluminum prices remained strong even when LME aluminum prices met resistance, and SHFE aluminum prices are expected to move in the RMB 15,350-15,500/mt range today.
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