Metals News
[Al] SMM Morning Review - 2009/11/23 Aluminum Market
smm insight
01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Nov. 23 (SMM) -- LME aluminum prices opened at USD 2,049/mt last Friday, with highest and lowest level at USD 2,060/mt and USD 2,005/mt, respectively, and finally prices ended at USD 2,050/mt.  Total trading volumes reported 8,133 lots, and positions were 688,016 lots.

    Gold futures prices have set new highs for six consecutive days last week, and global inflation expectations were prevailing, and will continue before the US loose monetary policy changes. The US dollar index continued to fluctuate in the 74.5-75.8 range recently, while market demand and inflation expectations were playing an increasing important role in determining base metal prices.

    LME aluminum prices stood firm at USD 2,000/mt last Friday, with a further gain in the future. SMM predicts SHFE three-month contract aluminum prices will move in the RMB 15,600-15,800/mt range today.

 

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